“this is not a trillion dollars spent now”

Everyone’s hero, Robert Peston, has a look at some of the detail in that comminque from the G20. Apparently, the Special Drawing Rights “will be most useful for middle-income, emerging market economies.” And, apparently, Stephanie Flanders says it’s also particularly useful for poor, reserve-starved countries. Meanwhile, Nick Robinson adds this

Remember, of course, that this is not a trillion dollars spent now. It is a pledge to make funds available up to that level if countries can convince international institutions that they have met the necessary criteria. It has nothing to do with the argument about whether our government, or indeed, any other should spend or borrow more.

And, also at the BBC, Steve Schifferes cautions

But it must be borne in mind that providing more resources for the IMF can be only a short-term solution to the immediate crisis now engulfing developing countries.

It is no substitute for a fiscal stimulus, as the money is loaned and must be paid back. Nor will it counter the need for additional development aid to counteract poverty.

But it is a move towards a more global system of international finance.

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