G20 finance ministers and central bank governors on Saturday agreed to further actions to ensure sustainable economic growth.
The G20 finance ministers and central bank governors met in London this weekend ahead of the Pittsburgh Summit to discuss how to revive the world economy.
"We reiterated the need for swift and full implementation of all the commitments made at the Washington and London Summits and have agreed the further necessary steps to strengthen the financial system," according to a communique released after the meeting.
The G20 finance ministers said their unprecedented, decisive and concerted policy action has helped to arrest the decline and boost global demand.
They agreed that financial markets are stabilizing and the global economy is improving, but they remained cautious about the outlook for growth and jobs, and are particularly concerned about the impact on many low income countries.
Therefore, "We must promote employment through structural policies, active labor market policies, and training and education and reaffirm our commitment to fight all forms of protectionism and to reach an ambitious and balanced conclusion to the Doha Development Round," the communique said.
The G20 finance ministers also vowed to continue to implement decisively their necessary financial support measures and expansionary monetary and fiscal policies, consistent with price stability and long-term fiscal sustainability, until recovery is secured.
"We will develop cooperative and coordinated exit strategies, recognizing that the scale, timing and sequencing of actions will vary across countries and across the types of policy measures," they said in the communique.
In addition, the ministers said they will work to achieve high, stable and sustainable growth, which will require orderly rebalancing in global demand, removal of domestic barriers and promotion of the efficient functioning of global markets.
(Xinhua News Agency September 6, 2009)
