G20 finance ministers, central bank governors agree to restore global growth, support lending, reform global financial system

Source: Xinhua | 03-15-2009 09:37

HORSHAM, Britain, March 14 (Xinhua) -- The G20 finance ministers and central bank governors agreed on Saturday further action to restore global growth, support lending and reforms to strengthen the global financial system.

Finance ministers and central bank governers pose for group photos at a hotel near Horsham, southern England, March 14, 2009. The G20 Finance Ministers' Meeting kicked off here  Saturday.(Xinhua Photo)

They made the statement in a communique issued after their meeting held on Friday and Saturday in Horsham, southern England for the London Summit in April.

On restoring global growth, they said, in the communique, they had taken decisive, coordinated and comprehensive action to boost demand and jobs, and are prepared to take whatever action is necessary until growth is restored.

They committed to fight all forms of protectionism and maintain open trade and investment. They said their key priority now is to restore lending by tackling, where needed, problems in the financial system, and will ensure the restoration of growth and long-run sustainability.

The ministers and governors also committed to help emerging and developing economies to cope with the reversal in international capital flows, and agreed on the urgent need to increase International Monetary Fund (IMF) resources very substantially, including further bilateral support, a significantly expanded and increased New Arrangements to Borrow, and a accelerated quota review.