FINANCIAL TIMES REPORTS DRAFT OF G20 LEADERS

Panorama.am
6:56 30/03/2009

Leaders of the world’s 20 leading and emerging economies meeting in
London this week are set to reiterate a pledge to avoid protectionism
and complete stalled global trade talks but offer little to those
calling for more economic stimulus, reports "Financial Times".

A 24-point draft of the G20 meeting’s final communique, does not
contain specific plans for a fiscal stimulus package, which had been
resisted by European countries. It claims that the fiscal expansion
already in process will increase global output by more than 2
percentage points and create more than 20m jobs.

Combined with increased resources for a reformed International Monetary
Fund, the fiscal and banking support actions aim to enable the world
economy to expand by the end of 2010. The draft left a blank space
where a target for economic expansion could be inserted.

Stating that a "global crisis requires a global solution", the G20
leaders pledge: "We are determined to restore growth now, resist
protectionism, and reform our markets and institutions for the future
. . . We are determined to ensure that this crisis is not repeated."

From: Emil Lazarian | Ararat NewsPress