Leaders from the world's major developed and emerging economies agreed here on Saturday to undertake immediate moves to stabilize financial markets and support economic growth.
Against the background of deteriorating economic conditions worldwide, the leaders agreed that "a broader policy response is needed, based on closer macroeconomic cooperation, to restore growth, avoid negative spillovers and support emerging market economies and developing countries."
"As immediate steps to achieve these objectives, as well as to address longer-term challenges, we will continue our vigorous efforts and take whatever further actions are necessary to stabilize the financial system," said the leaders in a declaration issued at the G20 summit on financial markets and world economy, which is held Saturday in Washington.
The G20 consists of major developed countries and emerging economies, such as China, Brazil and India, and accounts for 85 percent to 90 percent of the world's total economy and about two-thirds of the world's population.
"We will recognize the importance of monetary policy support, as deemed appropriate to domestic conditions, and will use fiscal measures to stimulate domestic demand to rapid effect, as appropriate, while maintaining a policy framework conductive to fiscal sustainability.
"We will help emerging and developing economies gain access to finance in current difficult financial conditions, including through liquidity facilities and program support. We stress the International Monetary Fund's (IMF) important role in crisis response, welcome its new short-term liquidity facility, and urge the ongoing review of its instruments and facilities to ensure flexibility.
"We will encourage the World bank and other multilateral development banks (MDBs) to use their full capacity in support of their development agenda, and we welcome the recent introduction of new facilities by the World Bank in the areas of infrastructure and trade finance.
"We will ensure that the IMF, World Bank and other MDBs have sufficient resources to continue playing their role in overcoming the crisis."
Source: Xinhua
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