DECLARATION ON DELIVERING RESOURCES THROUGH THE 

INTERNATIONAL FINANCIAL INSTITUTIONS – LONDON, 2 APRIL 2009 

We, the leaders of the Group of Twenty, are committed to ensuring that capital 

continues to flow to emerging market and developing countries to protect their 

economies and support world growth. To this end, we have agreed to increase very 

substantially the resources available through the international financial institutions 

and to ensure that the institutions have the facilities needed to address the crisis in a 

coordinated and comprehensive manner. 

We have agreed to make available an additional $850 billion of resources through the 

IMF and the multilateral development banks to support growth in emerging market 

and developing countries by helping to finance counter-cyclical spending, bank 

recapitalisation, infrastructure, trade finance, balance of payments support, debt

rollover, and social support. 

For the IMF, we have agreed to support: 

• as an immediate measure, bilateral financing from members of $250 billion; 

• in the near term, incorporate the immediate financing from members into an 

expanded and more flexible New Arrangements to Borrow, which will include 

other G20 countries, and be increased by up to $500 billion. We aim to make

substantial progress by the Spring meetings; 

• consideration of market borrowing by the IMF to be used if necessary in 

conjunction with other sources of financing, to raise resources to the level

needed to meet demands; and, 

• a doubling of the IMF’s concessional lending capacity for low income

countries and a doubling of access limits, within the Debt Sustainability 

Framework (DSF). We have committed, consistent with the new income

model, that additional resources from agreed sales of IMF gold will be used, 

together with surplus income, to provide $6 billion additional concessional 

and flexible finance for the poorest countries over the next two to three years. 

We call on the IMF to come forward with concrete proposals at the Spring 

Meetings. 

In addition to these steps, we have also agreed to support a general allocation of SDRs 

equivalent to $250 billion to increase global liquidity, $100 billion of which will go

directly to emerging market and developing countries. We agreed to ratify urgently

the fourth amendment to the IMF’s articles. 

We agreed to accelerate the next quota review to be completed by January 2011 to 

ensure the IMF’s finances are on a sustainable footing commensurate with the needs 

of the international monetary system. 

For the Multilateral Development Banks (MDBs), we have agreed to support: 

• a substantial increase in lending of $100 billion including to low income 

countries, to a total of around $300 billion over the next three years; 

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• full and exceptional use of MDB balance sheets, to create further capacity for 

lending to meet crisis needs; 

• a 200 per cent general capital increase at the Asian Development Bank and 

reviews of the need for capital increases at the Inter-American Development

Bank, the African Development Bank and the European Bank for 

Reconstruction and Development; 

• actions by the MDBs to leverage private capital more effectively, including 

through the use of guarantees, bond insurance and bridging finance; and 

• the new IFC Global Trade Liquidity Pool which should provide up to $50 

billion of trade liquidity support over the next three years, with significant cofinancing from the private sector (as part of the global effort to ensure the 

availability of at least $250 billion of trade finance over the next two years). In

order to reach this objective, we agreed to provide $3-4 billion in voluntary 

bilateral contributions to the IFC Pool. We also welcomed the steps taken by 

other MDBs to increase support for trade finance, and medium and long-term 

project finance through our export credit and investment agencies. 

We have also agreed to ensure that the international financial institutions have the 

facilities they need to address the current crisis and meet the needs of emerging 

markets and developing countries. To this end: 

• we welcome the IMF’s new Flexible Credit Line (FCL), for eligible countries, 

as part of its reformed and more flexible lending and conditionality 

framework. This will help to address stigma concerns while safeguarding IMF 

resources. We look forward to rapid take-up of the FCL and support Mexico’s 

decision to seek an FCL arrangement; 

• the IMF should take steps to ensure that its surveillance and lending facilities

address effectively the underlying causes of countries’ balance of payments

financing needs, particularly the withdrawal of external capital flows to the

banking and corporate sectors; 

• we will support, through voluntary bilateral contributions, the World Bank 

Vulnerability Framework, including the Infrastructure Crisis Facility and the 

Rapid Social Response Fund; 

• individual country limits on World Bank lending should be increased, as 

appropriate, to enable large countries to access required levels of finance and 

so support stability and recovery in their regions; 

• low income IDA countries with sustainable debt positions and sound policies 

should be given temporary access to non-concessional IBRD lending to 

compensate for the loss of access to capital markets, and IDA resources should 

be frontloaded, using the existing flexibility in the DSF. 

We agreed that these resources and facilities should enhance the capacity of the 

international financial institutions to address the crisis. Cooperation and coordination

between the IFIs should be strengthened to increase their effectiveness. Emerging and 

developing economies, including the poorest, should have greater voice and 

representation. 

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