World leaders agree to boost global economy

Source: CCTV.com | 11-16-2008 09:34

World leaders attending the Washington summit have promised to do whatever is needed to keep the global financial system afloat. They also endorsed a series of general goals to revive the world economy and fend off future calamities.

G20 leaders and heads of the World Bank and International Monetary Fund, as well as the UN secretary-general and the chairman of the Financial Stability Forum attended the summit.

US President George W. Bush said the leaders are moving closer to a deal, which will make it easier to detect risky investments and regulatory weaknesses in the global financial system.

Nevertheless, much work remains to be done.

Geotge W. Bush, US President said "Obviously this crisis has not ended, there's some progress being made, but there is still a lot more work to be done. So we had a good, frank discussion last night. I look forward to the discussions today."

Participants at the summit called for intensified government efforts at bolstering national economies, cooperation on international regulation of the financial system, and reform of global structures to help developing countries.

The leaders also agreed to reform international financial institutions such as the World Bank and the International Monetary Fund, to help developing countries weather the economic storm.

Meanwhile, US President-elect Barack Obama is urging Congress to get moving next week. In his Democratic Party's weekly radio address, he called for an economic rescue plan that would extend jobless benefits, among other things.

Barack Obama, US President-elect said "If Congress does not pass an immediate plan that gives the economy the boost it needs, I will make it my first order of business as President."

Obama praised Bush for bringing world leaders to Washington. But he also stressed the importance of creating jobs in the US.

The G20 leaders are expected to wrap up the summit on Sunday with a joint declaration and an action plan for financial reform.

They're also expected to meet again early in 2009 to fine-tune their efforts.

Editor:Xiong Qu