G20 summit concludes in London

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Source: CCTV.com | 04-03-2009 09:03

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G-20 leaders have concluded their summit in London, with joint consensus on a plan to pull the world out of the financial crisis.

They agreed to give over one trillion US dollars to restore credit, growth and jobs in the world economy and boost the coffers of the International Monetary Fund and the World Bank.

Chinese President Hu Jintao (4th L, 1st row), and other leaders attending the Group of 20 summit, and top  officials from relevant organizations pose for group photos in London, Britain, April 2, 2009. (Xinhua/Li Xueren)

The leaders have expressed their hope that the results of the summit will shorten the current recession.

The largest countries of the world have agreed a global plan for recovery and reform.

British Prime Minister, Gordon Brown, outlined exactly how the group plans to spend the 1.1 trillion dollar recovery fund. He said about half of the amount represents newly promised funding for the IMF to lend to countries affected by the financial crisis. 250 billion dollars has been allotted for new Special Drawing Rights for the IMF and 100 billion dollars will go to multilateral development banks to lend to poor nations. In addition,the IMF will receive a 6 billion dollar-increase for the fund to lend to the poorest nations.