WORLD
G20 finance ministers pledge "bold action plan" from Cannes leaders` summit
Baku, September 23 (AZERTAC). The Group of 20 major economies today pledged to mount a powerful response to the rising challenges facing the global economy as world markets continue to reel from a debt crisis in the euro zone, AFP reports.
The G20 finance ministers and central bankers, meeting in Washington today, offered no immediate policy proposals, as expected, but vowed in a joint statement to deliver "a strong and co-ordinated international response to address the renewed challenges facing the global economy", in time for the group`s leaders` summit in November.
The finance chiefs noted "heightened downside risks from sovereign stresses, financial system fragility, market turbulence, weak economic growth and unacceptably high unemployment".
The G20, which groups advanced and emerging-market economies, would work together to support growth and implement "credible fiscal consolidation plans".
"This will require a collective and bold action plan, with everyone doing their part," they said.
The official said the action plan would be prepared for the G20 leaders` two-day summit beginning on November 3 in Cannes, France.
Separately, the French Finance Minister, chair of the G20 finance ministers meeting, is today expected to hold an unscheduled press conference in Washington, French officials announced.
The finance ministers have gathered in Washington ahead of the annual meetings of the International Monetary Fund amid intensifying market nervousness about the euro-zone debt crisis and the deteriorating outlook for the global economy.
At a meeting earlier this month in the French southern city of Marseilles, finance ministers of the Group of Seven pledged strong action to support global growth, stressing their commitment to restore public finances in the longer term while at the same time boosting the flagging recovery in the short term.