Glance at G20 finance meeting

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(Agencies)
Updated: 2009-03-15 10:36

Finance ministers and central bankers from the Group of 20 rich and developing countries met Saturday in southern England to shape the agenda for a summit of national leaders April 2. Here are highlights from their statement:

FROZEN BANK LENDING:

Agreed the top priority was getting banks lending again normally to businesses and consumers, by providing them with more ready cash, recapitalizing banks and dealing with the risky, illiquid securities that are cramping their finances.

THE IMF:

Agreed that the International Monetary Fund, which rescues governments that run into financial trouble, needs a substantial but so far unspecified amount of greater lending funds. Agreed that developing countries should have a "greater voice and representation" in how international financial institutions like the IMF and World Bank are run.

GOVERNMENT SPENDING:

Did not back a US push for concrete, coordinated spending. Agreed that "fiscal expansion is providing vital support for growth and jobs" and said measures already decided by governments should be "implemented without delay."

HEDGE FUNDS:

Recommends the London summit "ensure ... that hedge funds or their managers are registered and disclose appropriate information to assess the risks they pose." These largely unregulated, often highly leveraged investment funds have worried European governments for years, while the US and Britain -- where most of them are located -- resisted efforts to supervise them.