G20 Urges IMF to Inject More Money to Poor Countries
As poor countries are the ones mostly affected by the global economic slowdown, Group 20 which represents rich and developing nations around the world has urged the International Monetary Fund to lend more money to underdeveloped countries.
Meanwhile, a consensus was reached after world leaders agreed to triple the amount of stimulus package which can reach to $750 billion.
Group 20 which represents rich and developing nations around the world has urged the International Monetary Fund (IMF) to lend more money to underdeveloped countries to keep its ailing economy afloat amid global recession.
Meanwhile, a consensus was reached after world leaders agreed to triple the amount of stimulus package to boost the global economy which has been estimated to reach $750 billion.
The summit consensus is a good development as nations will have a better chance to end the global economic crisis which started last year by the housing collapse and credit crunch in the US.
G20 also asked IMF to improve its early warning system that will allow governments and economic leaders to prepare themselves from impending financial crisis, thus also preventing economic problem from spreading to all parts of the world.
Meanwhile, the group has urged other international organizations to implement more transparency to combat economic slowdown.
“There should also be more representatives” in dealing with the current problem to make sure that everyone’s interests are expressed, G20 added.
The group also raised the issue of protectionism—a practice which prohibits trading between two countries—and has urged global leaders to stop this to prevent the recession from getting worse.
Some experts said that protectionism is one of the main causes why the Great Depression in the 1940s was prolonged.
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