Last weeks long awaited G20 Summit Communique lifted the hopes of the world’s investors and leaves a lot of work to be done going forward by the Group. The language of the was vague and optimistic
The Highlights:
On Resources: The G-20 announced US$50B for low-income countries, and an additional US$100B in lending for Development Banks.
On Reform: Developing countries will have greater representation in the international financial institutions and that election to World Bank/IMF leadership will be based on merit.
On Regulation: The G-20 announced regulation of illicit tax havens.
As with all world summits, the G-20, just stated the goals and heralded the agreements of the parity countries leaving the hard specific work to be done.
The powers that be need to work to ensure that money going to developing countries is given as grants, not loans that trigger another debt crisis.
There remains much work to be done on the Green Agenda in the interests of developing countries at the UN Climate Change Conference in Copenhagen later this year.
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