G-20 leaders’ corruption fight pledge

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