G20 leaders hammer out massive plan to tackle financial crisis, revive economy

HUGE FUNDS TO FINANCIAL INSTITUTIONS TO STIMULATE JOBS, GROWTH

Among the additional funds to be injected into international financial institutions, 500 billion dollars will go to the International Monetary Fund (IMF) for it to lend to countries hit hard by the financial crisis, 250 billion dollars will be used to support a new Special Drawing Rights (SDR), 100 billion dollars will support additional lending by the multilateral development banks, and 250 billion dollars will be devoted to guarantee trade finance.

British Prime Minister Gordon Brown addresses a news conference at the end of the Summit of the Group of 20 Countries (G20) on world economy at ExCel exhibition  center in London, April 2. (Xinhua/Richard Lewis)

Of the additional funding for the IMF, 40 billion dollars will come from China, 100 billion from the EU, and 100 billion from Japan, according to Brown.

"Together with the measures we have taken nationally, this constitutes a global plan for recovery on an unprecedented scale," said the statement, adding that the G20 leaders are confident that the agreements reached Thursday will accelerate the return to trend growth.

With the newly pledged funds, the G20 leaders agreed to make the possible best use of investment to achieve a goal of building a resilient, sustainable and green recovery.

As Brown pointed out that trade is the "engine of growth," 250 billion dollars will be injected to stimulate trade to boost the economic recovery of countries hit by the crisis.

However, the meeting failed to agree on any new stimulus measures, which the United States had been hoping for.