G20 ministers agree to pursue efforts to restore global growth

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Source: CCTV.com | 03-15-2009 10:24

G-20 finance officials have agreed to pursue sustained efforts to restore global growth and to strengthen the world financial system during a meeting in southern London. The participants have also expressed their commitments to fighting trade protectionism.

G-20 finance officials have agreed to pursue sustained efforts to restore global growth and to strengthen the world financial system during a meeting in southern London.(Xinhua Photo)

Finance ministers and central bankers from the Group of 20 countries issued a joint statement on Saturday, after their meeting in the English town of Horsham.

The statement calls for greater efforts to restore frozen lending markets, through cash infusions and dealing with the shaky assets souring bank balance sheets.

Alistair Darling, UK chancellor of the Exchequer, says, "our key priority now is to restore lending by banks and other financial institutions and to take the appropriate action to repair the financial system through continued liquidity support, to continue with bank re-capitalization and dealing with impaired assets."

The statement revealed at least one area of disagreement saying nothing about a US push for coordinated efforts by governments to spend more money to boost their economies.

The finance ministers and chief bankers acknowledged the importance of stimulus efforts already in place, and called for stronger financial regulation.

But details on any concrete steps to be taken are being left for April 2nd, when an international summit of heads of state and government will be held in London.

The group also committed to fighting protectionism and help emerging and developing economies cope with the loss of international capital flows.

Timothy Geithner, US treasury secretary, "the G20 has agreed to the need for mobilizing more resources for international financial institutions to address the risk posed by this very sharp pull back in global capital flows and this sharp falloff in external demand."

The final statement also urged that the changing global economy and the growing role of developing countries be reflected in the IMF's leadership.

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Editor:Qin Yongjing