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G20 Issues Leaders' Statement of the 3rd Financial Summit
2009-09-26 12:18

On September 25, 2009, the 3rd financial summit of G20 closed in Pittsburg. Participating leaders reached consensus on a series of issues including the reform of financial system and issued the Leaders' Statement.

According to the statement, leaders designated the G-20 as the premier forum for the international economic cooperation.

They pledge to maintain the economic stimulus plans to support economic activity until recovery is assured.

They promise a shift in the International Monetary Fund (IMF) quota share to emerging markets and developing countries of at least 5% and an increase of at least 3% of voting power for developing and transition countries in the World Bank.

They are committed to contributing over $500 billion to a renewed and expanded IMF New Arrangements to Borrow (NAB).

They will stand together to fight against trade protectionism and endeavor to end the Doha Development Round in 2010.

They commit to developing by the end of 2010 internationally agreed rules to improve both the quantity and quality of bank capital and implementing these rules completely by the end of 2012.

They will spare no effort to reach agreement in Copenhagen through the United Nations Framework Convention on Climate Change (UNFCCC) negotiations.

They decided to meet in Canada in June 2010 and in the Republic of Korea in November 2010. They expect to meet annually thereafter and will meet in France in 2011.

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