IMF: G20 backs sustained crisis response and a shift in IMF representation

28 September 2009

The leaders asked the IMF to support G20 efforts under their new Framework for Strong, Sustainable and Balanced Growth through the Fund’s surveillance of countries’ policy frameworks and their collective implications for financial stability.

The leaders asked the IMF to support G20 efforts under their new Framework for Strong, Sustainable and Balanced Growth through the Fund’s surveillance of countries’ policy frameworks and their collective implications for financial stability and the level and pattern of global growth. They welcomed moves to create a stronger resource base for the Fund, to improve global liquidity through allocations of Special Drawing Rights (SDRs), and the decision to boost assistance for low-income countries.

• Stronger resource base. G20 members are committing over $500 billion to a renewed New Arrangements to Borrow to support IMF emergency lending.
 
• SDR allocations. The IMF has made SDR allocations of $283 billion in total, more than $100 billion of which will supplement emerging market and developing countries’ existing reserve assets.
 
• Support for low-income countries.Resources from the agreed sale of IMF gold, consistent with the IMF’s new income model, together with funds from internal and other sources, will more than double the Fund’s medium-term concessional lending capacity.
 
Press release
 

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