1. Major additional finance available for developing countries from agreement to create a one trillion dollar package from IMF, other IFIs and trade finance.
2. $50 billion for low income countries:
• New SDR allocation provides $19 billion and SDR 4th Amendment $2 billion
• Doubling access rights to IMF concessional resources using existing subsidy £4 billion.
• Doubling IMF concessional lending capacity through using IMF gold sales delivers an additional $6 billion.
• Additional MDB financing for private sector in LICs $6 billion.
• Support for IFC Trade Liquidity Pool including $12 billion in low income countries.
3. $100 billion additional lending from MDBs over the next three years for developing countries.
4. Commitment to the MDGs and to meeting ODA pledges (including those made at Gleneagles, on debt relief and Sub-Saharan Africa).
5. Agreement to establish a process on tax information exchange to ensure that all countries – not just rich countries – have access to tax information.
6. Commitment to reform IFIs including:
• Agreement on the need for emerging and low income countries to have greater voice and representation.
• Agreement that IFI Heads should be appointed through open, merit-based selection.
• Commitment to speed up voting reforms, and agree wider reforms to improve effectiveness, legitimacy and relevance of the World Bank.
7. Agreement to create a UN Global Vulnerability Alert to provide real-time information on the impacts on poor communities.
8. Support for the Vulnerability Framework and the Rapid Social Response Fund.
5 comments ↓
On tax at least, it depends what you mean by “Agreement to establish a process on tax information exchange to ensure that all countries – not just rich countries – have access to tax information.”
What will that look like?
And no agreement for surplus countries to increase their domestic demand. That is the keystone missing from this over-arching global plan.
Take a look at Fraser Nelson’s masterly demolition of Brown’s G20 communique over on the Spectator website.He exposes it as a typical Brown concoction of spin,reannouncement of old money,creation of cash from thi air and no solid commitment at all.Coupled with Mandy and Stephen Timms (treasury minister0 attempts on the media to soften us up for a trip to the IMF, it does not bode well
The G20 have given a good lead. It enables all of us to have hope and confidence for the future. Well done G20
See also Peter Oborne in the Daily Mail.The G20 communique? Just more smoke and mirrors.Brown never learns; he holds the electorate in contempt, thinking they will all fall for his prestidigitation.
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