G20 demands IMF reform

Updated March 16, 2009 10:48:50

And the Australian Treasurer Wayne Swan spent the weekend in Britain, for talks on pulling the world out of recession.

While there are divisions between Europe and the United States on how to handle the crisis, the finance ministers of the G20 group of nations agreed on a set of principles - among them, fighting protectionism and further cuts to interest rates. There was also a deal to boost the resources of the International Monetary Fund amid talk of pumping over 500-billion dollars into the IMF to rescue emerging economies. The final figure will be decided at next month's leaders' summit in London but Australia has already pledged to do its part.

Presenter: Stephanie Kennedy
Speaker: Wayne Swan, Australian Treasurer