G-20 Agrees to Scale Up IMF Reserves

    G-20 leaders endorsed a "very substantial" increase in the International Monetary Fund's current resources of USD250 billion to enable the agency to provide assistance to poor nations ahead of potential economic emergencies. According to

    , sources disclosed that the increase will more than double or as much as triple the fund's existing resources. The G-20 leaders also agreed to put a stop to the authority of Europe and U.S. in appointing heads of IMF and the World Bank.

    About the author

    • Dsc05567

      Ma. Rizza Leonzon

      As a former staff writer, Rizza focused mainly on business coverage, including key donors such as the Asian Development Bank and AusAID.