2 April 2009
The leaders of the world's 20 biggest economies, recognizing that the global financial crisis has "a disproportionate impact" on vulnerable people in poor countries, have promised to make hundreds of billions of United States dollars available to these countries as part of a $1.1 trillion plan to rescue the world economy.
In a communiqué released by the Group of 20's London Summit on Thursday, the leaders announced what they called "a global plan for recovery on an unprecedented scale."
They said the rescue package would include resources totalling $850 billion, to be channelled through global financial institutions, "to support growth in emerging market and developing countries by helping to finance counter-cyclical spending, bank recapitalisation, infrastructure, trade finance, balance of payments support, debt rollover, and social support."
Outlining allocations for materially poor nations, they promised:
In a section of the communiqué dealing with the reform of international financial institutions, the leaders said that "emerging markets and developing countries, which have been the engine of recent world growth, are also now facing challenges which are adding to the current downturn in the global economy. It is imperative for global confidence and economic recovery that capital continues to flow to them."
The leaders re-stated what they said was their "historic commitment" to meeting the Millennium Development Goals and to fulfilling pledges made, particularly to sub-Saharan Africa, on aid, debt relief and trade at the 2005 summit of the Group of Eight nations in Gleneagles, Scotland.
They also agreed to give emerging and developing economies a greater voice and representation in international financial institutions such as the IMF and the World Bank, and to introduce "an open, transparent, and merit-based selection process" for their leaders.
They said they "remain committed" to finalising the Doha Development Round of world trade talks by reaching "an ambitious and balanced conclusion" to negotiations. "This could boost the global economy by at least $150 billion per annum," they declared.
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"prem" of the rhodie AllAfrica.com is again first to comment - with nothing worthwhile and no different or fresh perspective on the topic at hand but - for just the sheer, cursed rhodie mischief of muddying up the place for everyone else.
With respect to what I have posted regarding the criminal activities - indeed, crimes against humanity - committed in Africa by the IMF and World Bank over the decades, here is another perspective:
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Whitewashed Crimes of the Know-Nothing IMF and World Bank?
" .. A few days ago, Brazil President Luiz Inacio Lula de Silva… [Read Full Text]
There’s the on-going legacy of Slavery which has taken on another form lynchings, murders, rapes, etc..
Be careful what you ask for..God is Listening to you “ Robbers of our People “ ; as Daniel 11:14 says.
HERE’S JUST A LITTLE OF THE BLOODY TRAIL EUROPE AND OTHER COUNTRIES HAVE LEFT UPON BLACK AFRICA.
PART I : BERLIN CONFERENCE ( General Act Of Berlin )
Saturday Novemeber 15, 1884 to Feb, 1885 according to the book “King Leopold’s Ghost “ (1998) Adam Hochschild
1884 - In November 14 European nations (Austria-Hungary, Belgium, Denmark, France, Germany, Great Britain, Holland, Italy, Norway,… [Read Full Text]
The bell in the mountain.
Timid behaviour, recalling the sunshine of a positive sign that now fades away, discover the sadness in a beautiful care....
Francesco Sinibaldi
A greedy father has thieves for children
This is a clarion call to Tsvangirai to hasten the implementation of reforms concerning respect of the rule of law, human rights, the dismantling of Mugabe's police state including the cleansing of the CIO and Army ranks. These concrete reforms will then entitle his GNU to receive badly needed investments and loans to help redress the "failed" Zim state.
Otherwise, it would be a missed opportunity.
But would criminal Mugabe allow Tsvangirai to dismantle what helped keep bloodstained Mugabe in power by hook and by crook? Will criminal Mugabe dig his own grave by allowing Tsvangirai to proceed with the… [Read Full Text]