Friday 03/April/2009
G20 summit was held at Excel Centre in the Docklands, London on Thursday, April 02, 2009 chaired by the British Prime Minister Gordon Brown. Africa was represented by South Africa as a g20 member and Ethiopia as chair of NEPAD. UN Secretary-General, Ban Ki-Moon, was also present.
$1.1 Trillion (USD 1,100,000,000,000/=) was agreed as a stimulus package.
Breakdown:
$500 Billion - to support IMF and World Bank
$250 Billion - facility to overdraft to help economy
$250 Billion - to help cash-strapped poorer countries (overdraft to developing countries)
$200 Billion - to boost trade
Let's hope the developing countries like Tanzania can benefit from this agreement soon before the situation worsens in the country/(countries).
source: bbc news TV channel, 19:45 BST (April 02, 2009)
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Africa's participation in the G20 in London is a further indication of closer cooperation. By regulating financial markets and allocating aid, world leaders at the G20 summit are laying the foundation for recovery. Despite the suffering that it augers, the global economic crisis is also driving greater international cooperation. For more information go to http://thegreenmarket.blogspot.com/2009/04/g20-lays-foundation-for-better-world.html
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