G20 Summit concludes, pledges funds of $1.1 trillion

2009-04-02 15:28:42 GMT2009-04-02 23:28:42 (Beijing Time) Xinhua English

LONDON, April 2 (Xinhua) -- The second Group of 20 (G20) Summit concluded in London on Thursday with consensus on how to save the world out of the financial crisis, including pledges of 1.1trillion U.S. dollars to the International Monetary Fund (IMF),the World Bank and other multilateral financial organizations.

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

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.

"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.

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