G-20 London Summit commitment

Event/initiative: 
Date of commitment: 
April 2009
Millennium Development Goal: 
Recipient: 

Commitment

A package of actions was agreed which would constitute an additional $1.1 trillion programme of support to restore credit, growth and jobs in the world economy and provide $50 billion to support social protection, boost trade and safeguard development in low-income countries. Reaffirmed the commitments for ODA, including UN target for ODA, Gleneagles commitment and Gleneagles commitment for Africa.

Target

  • Treble resources available to the IMF to $750 billion
  • Support a new SDR allocation of $250 billion
  • Support at least $100 billion of additional lending by the MDBs
  • Ensure $250 billion of support for trade finance
  • Use the additional resources from agreed IMF gold sales for concessional finance for the poorest countries

Progress

Since the start of the crisis

  • MDBs provided $235 billion in lending, supported by provision of $350 billion in capital increases
  • New funding of $49.3 billion was pledged for the sixteenth replenishment of the International Development Association (IDA)
  • Other data is not available

Gap

The commitment to provide at least $100 billion of additional lending by the MDBs was fulfilled.

Data is not available to assess fulfillment of the other targets.

Additionality

It is not clear how these commitments relate to other ODA commitments.