Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Fans and players react online to Arsene Wegner's club departure

Read more

THE WORLD THIS WEEK

Syria alleged chemical attack: Gunfire delays deployment of weapons inspectors

Read more

FRANCE IN FOCUS

Cashing in on local French currencies

Read more

YOU ARE HERE

Life on the canals of northern France

Read more

INSIDE THE AMERICAS

What lies ahead for Cuba after the Castros?

Read more

#TECH 24

Discovering and harnessing the power of the sun

Read more

DOWN TO EARTH

Can France bid 'adieu' to popular weedkiller glyphosate?

Read more

#THE 51%

Harmful for your health: When gender bias affects medical diagnosis

Read more

REPORTERS

Africa’s donkeys slaughtered for Chinese ‘miracle elixir’

Read more

Business

G20 ministers pledge to boost world economy

Video by Olivia SALAZAR-WINSPEAR

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

COMMENT(S)