G-20 lead­ers’ cor­rup­tion fight pledge

The Star Early Edition - - WORLD -

BRIS­BANE: The com­mu­niqué is­sued by a week­end sum­mit of the 20 big­gest wealthy and de­vel­op­ing economies spanned is­sues from boost­ing growth to com­bat­ing cor­rup­tion. Here are some of the com­mit­ments made by G-20 lead­ers after two days of meet­ings in this Aus­tralian city.

Lead­ers fi­nalised a plan out­lined by their fi­nance min­is­ters early this year to boost the world econ­omy. Through 1 000 pol­icy mea­sures, 800 of which are new, they hope to add $2 tril­lion (R22.1 tril­lion) to world GDP by 2018 on top of the growth al­ready ex­pected. World GDP this year is about $77 tril­lion. An as­sess­ment of the ini­tia­tives by the In­ter­na­tional Mon­e­tary Fund and the Or­gan­i­sa­tion for Eco­nomic Co­op­er­a­tion and De­vel­op­ment says their clar­ity and con­crete­ness has in­creased, but some re­main “in­suf­fi­ciently pre­cise”. Off­set­ting that is a “com­ply or ex­plain” re­quire­ment that might keep coun­tries on track to meet­ing the goal.

The G-20 na­tions want to see 100 mil­lion more women in em­ploy­ment by 2025. That will re­quire re­duc­ing the bar­ri­ers to fe­male par­tic­i­pa­tion in the work­force.

It would re­duce poverty and in­equal­ity and boost eco­nomic growth. But the com­mu­niqué does not say how this new goal will be achieved.

To halt cross-bor­der tax eva­sion by cor­po­ra­tions and the rich, G-20 coun­tries agreed to au­to­mat­i­cally ex­change tax in­for­ma­tion with each other and with other na­tions by 2018 at the lat­est. – Sapa-AFP

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