G20 agrees to maintain support for global recovery

11:43, November 08, 2009      

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G20 policymakers agreed to maintain support for the recovery until it is assured in order to restore the global economy and financial system to health, according to the communique released after the two-day G20 Finance Minister and Central Bank Governor Meeting ended here on Saturday afternoon.

Though a series of positive signs have shown that global economy is in the recovery process, the G20 policymakers said "while we will continue to provide support for the economy until the recovery is secured, we also commit to develop further our strategies for managing the withdrawal from our extraordinary macroeconomic and financial support measures" in the communique.

The G20 hoped the International Monetary Fund (IMF) and the Financial Stability Board (FSB) to develop principles for exit. "The IMF and FSB will continue to assist us in reviewing strategies and implementation, identifying areas where coordination is particularly important and providing assessments of their collective impact on the global economy and the financial system", said the communique

Representatives pose for a group photo after the G20 Finance Minister and Central Bank Governor Meeting in St. Andrews, Britain, Nov. 7, 2009. (Xinhua/Zeng Yi)

They emphasized the importance of putting more flesh into the Framework for Strong, Sustainable and Balanced Growth (the Framework), which was signed at the Pittsburg Summit held in September, and adopting a detailed timetable and initiating a new consultative mutual assessment process to evaluate whether policies would collectively deliver the agreed objectives.

Chinese Finance Minister Xie Xuren (C) walks with other representatives after the G20 Finance Minister and Central Bank Governor Meeting in St. Andrews, Britain, Nov. 7, 2009. (Xinhua/Zeng Yi)

So they agreed to set out national and regional policy frameworks, programs and projections by the end of January 2010 and conduct the initial phase of cooperative mutual assessment process, supported by IMF and World Bank analyses, of the collective consistency of national and regional policies in April 2010.

Zhou Xiaochuan (R), governor of the People's Bank of China (the central bank), talks to his South African counterpart Gill Marcus after the G20 Finance Minister and Central Bank Governor Meeting in St. Andrews, Britain, Nov. 7, 2009. (Xinhua/Zeng Yi)

They also agreed to develop a basket of policy options to deliver the above-mentioned objectives for Leaders to consider at their next Summit in June 2010; and to refine mutual assessment and develop more specific policy recommendations for Leaders at their Summit in November 2010.

"Our first challenge in using the Framework will be the transition from crisis response to stronger, more sustainable and balanced growth, consistent with our goals of sustainable public finances; price stability; stable, efficient and resilient financial systems; employment creation; and poverty reduction", said the communique.

Source:Xinhua
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