LONDON - The world leaders on Thursday agreed an economic recovery package of more than $1 trillion and new regulations for financial institutions, aimed at helping to pull the world out of recession and restoring confidence in a discredited global banking system. To help countries with troubled economies, the International Monetary Fund (IMF) will get extra resources worth up to $750b. British Prime Minister Gordon Brown, hosting the summit of Group of 20 leaders in London, outlined six points agreed by them, including measures to stimulate growth, to kick-start global trade and to crack down on tax havens. This is the day that the world came together to fight back against the global recession, not with words but with a plan for global recovery and reform and with a clear timetable, Brown told a news conference at the Excel centre in Londons Docklands, after days of frantic diplomacy and political posturing. Brown said the plan would not bring the economic crisis to an instant end, but weve begun the process by which it will be solved. The world leaders had agreed additional resources of $1tn to be made available to the world economy through the IMF and other institutions, he added. The communique agreed by the G20 also includes reforms to the global financial system that will bring hedge funds and credit rating agencies under a global regulatory net. World leaders also agreed to take action on tax havens, with Brown saying the OECD this afternoon would publish a list of tax havens that are not compliant with transparency requests. He announced a new Financial Stability Board that would ensure cross-border cooperation and new rules on pay and bonuses that reflect actual performance with no more rewards for failure. He also said leaders had agreed to try to kick-start the stalled Doha round of trade talks and had pledged $250b of trade finance over the next two years. Today we have reached a new consensus, that we take global action together to deal with problems we face, that we will do what is necessary to restore growth in jobs, that we will take essential action to rebuild confidence and trust in our financial system, Brown said. In the run-up to Thursdays meetings, both France and Germany said that it should focus on tighter financial regulation rather than simple economic stimulation - and their leaders said that they would not sign up to any summit communique which did not include meaningful action. Among the principles agreed on Thursday, Brown said that the shadow banking system, including hedge funds, would fall within the global regulatory net for the first time. Credit rating agencies will be regulated to remove conflict of interest and tax havens that do not transfer information on their international clients will be named and shamed - as demanded by President Sarkozy of France. The G20 also agreed to take action to limit bankers pay and bonuses, although Brown gave no details. It also set up a new Financial Stability Board to ensure co-operation across frontiers and to stop risk to the economy and provide an early-warning mechanism. In her first reaction German Chancellor Angela Merkel said the summit would give the world a clearer financial market architecture and called the agreement a very, very good, almost historic compromise. Agencies add: World leaders pledged to lay out five trillion dollars by the end of 2010 as British Prime Minister Gordon Brown hailed a new world order. The measures, agreed at the one-day summit, would see tax havens named and shamed, new rules on corporate pay, major reforms to the International Monetary Fund and World Bank, a new push to pass free trade rules and the sale of huge gold reserves to help poor countries. A new world order is emerging, and with it we are entering into a new era of international cooperation, Brown said after hosting a summit which brought together US President Barack Obama and leaders of the established and emerging powers from around the world, while warning there are no quick fixes, and the G20 would have to meet again this year. The world leaders ordered the IMF to sell billions of dollars of gold reserves to help the worlds poor countries, Brown said. Brown said the IMF would undergo major reforms to reflect changes in the power structure of the world economy. The IMFs resources are to be tripled to about $750b to help nations through the crisis, Brown said. Brown struck a note of caution, however. Todays decisions, of course, will not immediately solve the crisis. But we have begun the process by which it will be solved, he said.