World Bank President: G20 Now Has To Follow Up With Action
The G20 has begun "to lay a productive foundation of discussion, input and agreement. What matters now are the follow-up actions," Zoellick said in a statement after the conclusion of the first-ever meeting of the group's leaders.
"People are looking to leaders for a global, coordinated and fast response," he said.
Fiscal stimulus has become the main priority, he said, while cautioning that "such actions must take into account the interests of the poor and most vulnerable in developing countries."
The World Bank also plans to continue to increase its funding to help developing countries deal with the crisis, Zoellick said, welcoming the G20's commitment to ensure the bank will have sufficient resources. Earlier this week, he announced plans to more than double the bank's funding capacity, including the launch of new facilities to help the private sector through the International Finance Corp.
The G20 statement vowed to broaden efforts to contain the financial crisis and revive the world economy, urging individual countries to use fiscal and monetary policies "as deemed appropriate" to support growth and stability.
The group said it would help developing countries get access to financing, including ensuring the International Monetary Fund, the World Bank and other multilateral development banks have sufficient funding.
The G20 also laid out five common principles on reforming the global financial system, which it plans to take up at the next meeting in the spring.
-By Tom Barkley, Dow Jones Newswires; 202-862-9275; tom.barkley@dowjones.com
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(END) Dow Jones Newswires
November 15, 2008 15:45 ET (20:45 GMT)
Publié le 15 novembre 2008 Copyright © 2008 Dowjones
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