Second G20 Leaders' Summit: London, United Kingdom (2 April 2009)
The second G20 Leaders’ Summit was held in London, United Kingdom on 2 April 2009 during extensive and severe financial turmoil. The leaders produced a Global Plan for Recovery and Reform, in which they pledged to do whatever was required to achieve the following:
- Restore confidence, growth, and jobs;
- Repair the financial system to restore lending;
- Strengthen financial regulation to rebuild trust;
- Fund and reform international financial institutions to overcome the crisis and prevent future ones;
- Promote global trade and investment and reject protectionism, to underpin prosperity; and
- Build an inclusive, green, and sustainable recovery.
The leaders agreed to a $1.1 trillion programme of support to restore credit, growth and jobs in the world economy. This program consisted of the following measures:
- Treble resources available to the International Monetary Fund to $750 billion;
- Support a new special drawing rights allocation of $250 billion;
- Support at least $100 billion of additional lending by the multi-lateral development banks;
- Ensure $250 billion of support for trade finance; and
- Use the additional resources from agreed IMF gold sales for concessional finance for the poorest countries.
The leaders also agreed to establish a new Financial Stability Board (FSB) with a strengthened mandate, as a successor to the Financial Stability Forum (FSF), which would include all G20 countries, FSF members, Spain, and the European Commission.