» Thursday, March 26, 2009
G20
Asked for more details on the creation of a $100billion global fund, the PMS said that the Prime Minister would call on the G20 Summit to support a substantial global expansion of trade finance of at least $100billion to revive the economies of emerging markets and the poorest countries. Brazil had already committed $20billion of its reserves to address it nationally. The underlying argument was that 90% of world trade was financed on export credit and that credit had dried up in recent months, which had increased the cost of trade and it was hitting exporters in emerging markets very hard.
Put that $20billion seemed like a large portion $100billion for Brazil to be meeting, the PMS replied that that was the contribution they were making nationally. We were calling on other donors, including multilateral development banks, the private sector and export credit agencies to contribute as well.
Briefing took place at 16:45 | Search for related news
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