Britain's prime minister says the world's 20 biggest economies are
making good progress on tackling the global economic crisis ahead of a
summit this week in London.
Gordon Brown said Monday every major economy has taken steps to
stimulate growth, including coordinated cuts in interest rates, tax
reductions, and spending increases. He was speaking after talks in
London with visiting Australian Prime Minister Kevin Rudd.
Group of 20 leaders will gather in the British capital on Thursday for
a one-day summit. A draft communiqu� obtained by Reuters says the group
will give more money to the International Monetary Fund to lend to poor
nations hit by the economic turmoil.
The document says major economies also will refrain from protectionist
trade policies and currency devaluations that could hurt recovery
prospects of other countries. It does not mention any plans for
additional government spending to boost global demand.
The draft communiqu� also says Group of 20 leaders will meet again
before the end of the year to review progress on their commitments.
British Prime Minister Brown and U.S. President Barack Obama have urged
other governments to boost stimulus spending, but some European nations
say they have spent enough.
British Foreign Secretary David Miliband tried Monday to downplay
expectations for the summit, saying it never had a goal of securing a
deal on extra public spending. Australian Prime Minister Rudd says
details of any new stimulus measures will come only after the summit.
The G-20 members include Argentina, Australia, Brazil, Canada, China,
France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi
Arabia, South Africa, South Korea, Turkey, the United Kingdom, the
United States and the European Union.