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| G-20 resolves to keep global economy on stimulus dose |
| Press Trust of India / Pittsburgh Sep 26, 2009, 16:16 IST |
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Leaders of the 20 richest and most influential countries have resolved to continue the stimulus for the recession-hit global economy, take new steps against illicit outflows, and improve the voting rights of emerging economies like India in multilateral institutions.
The G-20 leaders, including Prime Minister Manmohan Singh, said though the global financial markets have stabilised and industrial output is rising, "the process of recovery and repair remains incomplete."
The leaders, who met for the third time in less than a year in the midst of the worst-ever global recession, pledged to continue with the stimulus measures.
"We will avoid any premature withdrawal of stimulus," a statement said at the end of the two-day summit.
However, the leaders agreed that "exit strategies" would have to be prepared for rolling back the extra-ordinary policy support "when the time is right".
Representing four billion people, the G-20 vowed to fight protectionism stating they are committed to reach the global trade agreement in 2010 under the Doha Round.
India and several other developing countries have maintained there should not be any abrupt end to the fiscal and monetary stimulus running into several trillion dollars.
Though Singh described it as a "compromise" figure, the G-20 committed to shift a quota share of at least 5 per cent in IMF to emerging countries giving them more say in it.
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