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G20 pledges $1.1t to revive world economy

(Xinhua)
Updated: 2009-04-03 00:15

LONDON -- Leaders from the Group of 20 (G20) agreed on Thursday to contribute US$1.1 trillion to restore credit, growth and jobs in the world economy.

The heads of delegation gather for the Plenary Session at the G20 summit at the ExCel centre, in east London April 2, 2009. [Agencies]

A joint statement issued after one-day close-door session also pledged to strengthen financial supervision and regulation.

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"Major failures in the financial sector and in financial regulation and supervision were fundamental causes of the crisis," the statement said.

The leaders agreed to establish a new Financial Stability Board with a strengthened mandate as a successor to the Financial Stability Forum.

The statement was announced by British Prime Minister Gordon Brown at the conclusion of the summit at the Excel conference center in east London.

"Global problems need global solutions. We have reached a new consensus that we will take global actions together to face the problems and that we need essential actions to restore confidence," said Brown.

Among the money, 500 billion dollars are newly pledged funding for the IMF to lend to countries affected by the financial crisis, 250 billion dollars are for new Special Drawing Rights of the IMF,100 billion dollars for the multilateral development banks to led to poor nations, and a 6 billion dollar-increase in lending for the poorest countries by the IMF.

Meanwhile, 250 billion dollars will be devoted to revive world trade, which are stalled at the moment, according to Brown.