G-20 decides to inject $1.1 trillion into financial system

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PTI

G-20 decides to inject $1.1 trillion into financial system

2009-04-02 21:17:37
Last Updated: 2009-04-03 09:37:33

London: The top-20 economic powers, including India, on Thursday agreed to inject $1.1 trillion into the global financial system, regulate the banking system and credit rating agencies as part of efforts to tackle the financial downturn -- the worst since 1930s.

Announcing the outcome of the G-20 meeting held in the backdrop of sharp differences among the world economic powers on further stimulus, the British Prime Minister, Gordon Brown, said the leaders had agreed to take actions together to deal with the slowdown and rebuild confidence and trust.

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Pledging to inject $1.1 trillion into International Monetary Fund and other institutions to spur revival of the economies that have been hit hard by the economic crisis was also agreed upon at the meeting, which was called to find a way out of the liquidity crisis.

Brown said that the leaders also agreed on setting principles to regulate the global banking system and credit rating agencies, besides resolving to end tax havens to stop the misuse of such destinations.

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