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The U.S. House and Senate passed the $105.9 billion war supplemental last week, which includes $5 billion to secure $108 billion in additional lending by the International Monetary Fund (IMF). Congress’s approval for increased IMF lending supports President Obama’s G20 commitments and paves the way to unlock the $1 trillion (mostly contributions from other high-income countries) for emerging and developing countries coping with the economic crisis.
The U.S. should do more to support the International Monetary Fund and its efforts to stabilize the global economy, CGD president Nancy Birdsall and three other witnesses told the House Financial Services Subcommittee on International Monetary Policy and Trade last week.
Our colleague Arvind Subramanian argues in a Peterson Institute blog post that the biggest achievement of the London Summit may have been just the agreement that the G-20 would meet again. Here’s why I find the Summit cup half-full not as he suggests half-empty.
Leaders from more than 20 major nations announced Thursday (see the Communiqué) that they would make available an additional $1 trillion through the International Monetary Fund and other institutions to help developing countries cope with the global economic crisis.
The outcome of today’s G20 summit has become even more critical for developing countries as the World Bank revised the 2009 forecast for GDP growth in the developing world to 2.1 percent down from 5.8 percent in 2008. But a draft copy of the G20 communiqué published by the Financial Times could go farther in its commitment to help the world’s most vulnerable countries.
Five years after Africa was centerstage at a meeting of the G7 heads of state in Gleneagles, it has all but vanished from the priorities of policymakers from the rich and emerging economies. At the G20 Summit in London this week, heads of state will debate new resources for the IMF, in the range of $250 billion. But these resources will likely be deposited in the New Arrangements to Borrow (NAB) facility, which will be far too expensive and out of reach of most African countries.