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G20 ministers pledge to boost world economy


Latest update : 2009-03-15

Finance ministers of the world's 20 biggest economies met near London on Saturday to discuss reforms ahead of the G20 summit on April 2. The UK's Alistair Darling (photo) stressed the need to restore lending and boost IMF resources.

AFP - The G20 has a "clear sense of direction" ahead of an April summit and will take "whatever action necessary" to boost the world economy, Britain said after a ministerial meeting Saturday.
Its finance minister Alistair Darling, who hosted the G20 finance ministers talks outside London, said afterwards there was an "urgent need to increase IMF resources very substantially" although he did not give a figure.
"We're prepared to take whatever action is necessary to ensure growth is restored and we're committed to do that for however long it takes to do that," he said.
Darling said the G20 would ensure there was "sufficient supervision and regulation" of hedge funds.
"In addition to that, we agreed that stronger regulation... was necessary to prevent the build-up of systemic risk.
"We also agreed that we need to do more both to strengthen banks in the good times so they can face the downturn should that occur", including measures that would see regulators stop banks from overextending themselves, he said.
He added: "Taken together, I believe that this does provide a very clear sense of direction as we move towards the conference of leaders and finance ministers to be held in London on April 2.
"We agreed a significant amount of progress, there was a great deal of consensus both about the urgency of the problems we face and the steps that we ought to be taking."
He said the meeting had also agreed to fight protectionism and protect free trade.

Date created : 2009-03-14