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

On strengthening the financial system, they said they had completed the immediate steps in the Washington Action Plan and welcomed the Financial Stability Forum's (FSF) expansion to all G20 members.

On the medium term, they made recommendations to the London Summit to ensure that all systematically important financial institutions, markets and instruments are subject to an appropriate degree of regulation and oversight, and that hedge funds or their managers are registered and disclose appropriate information to assess the risks they pose.

They also agreed to strengthened international cooperation to prevent and resolve crisis, including though supervisory colleges, institutional reinforcement of the FSF, and the launch of an IMF/FSF Early Warning Exercise.

The emerging and developing economies, including the poorest, should have greater voice and representation and the next review of IMF quotas should be concluded by January 2011, the communique said, and the package of quota and measures decided in April 2008 should be swiftly implemented.

World Bank reforms should be completed by Spril Meetings 2010, the communique said.

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Editor:Qin Yongjing