G-20 officials pledge 'whatever action necessary' to restore global growth

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March 14, 2009 19:07

 
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Finance officials from the world's richest and leading developing countries agreed to take "whatever action is necessary" to restore global growth and support lending. The statement at the end of Saturday's meeting where officials from the Group of 20 nations says they pledge to maintain expansionary monetary policies as long as needed and agreed the key priority is to restore bank lending. But the statement is short on details of action, following differences on how to deal with the downturn. The group did not commmit to a US-led push for more coordinated government spending. The four major emerging economies - Brazil, Russia, India and China - have released their own statement calling for a bigger role in the International Monetary Fund.

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