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G20 Leaders Pledge More Money, Regulation to Aid Recovery


British Prime Minister Gordon Brown says the G20 leaders have agreed on a program intended to lift the world out of recession, save jobs, and tighten financial market regulation.

Mr. Brown spoke at the end of a summit of the leaders of the largest wealthy and developing nations in London on Thursday.

He says the G20 will make over $1 trillion available to the international economy. The money goes to the International Monetary Fund and other financial institutions to boost trade and help nations hard hit by economic turmoil.

The leaders pledged to keep closer watch over banks, hedge funds, credit rating agencies, and executive pay, after excesses by financial firms played a role in the economic crisis. They also agreed to take action against countries that provide tax havens for the wealthy and to set up an international watchdog group to warn of problems in the global financial system.

The G20 members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, Britain, the United States and the European Union.


Some information for this report was provided by AFP, AP and Reuters.


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