G20 Orders Massive Rescue Program
LONDON ~ World leaders ordered a huge economic rescue package on Thursday, including hundreds of billions of US dollars for the IMF, a crackdown on tax havens and a pledge to spend $5 trillion on the world economy by the end of 2010, British Prime Minister Gordon Brown said.
The Group of 20 also ordered the IMF to sell gold reserves to help the world’s poor countries and new rules on pay and bonuses for corporate chiefs, Brown told a press conference after a one-day summit in London.
Brown said the International Monetary Fund and World Bank would undergo major reforms to reflect changes in the power structure of the world economy. “A new world order,” he said.
The IMF’s resources are to be tripled to about $750 billion to help nations through the crisis, Brown said.
French President Nicolas Sarkozy, who had threatened to walk out of the summit, said the result of the meeting was beyond his expectations.Filed under: Headlines