Economic leaders from rich and emerging countries have agreed on the
need to increase funding for the International Monetary Fund to help
the countries hit hardest by the global recession.
ministers from the Group of 20 nations, holding talks near London
Saturday, said in a statement that resources should be expanded at the
IMF. The international bank has loaned billions of dollars to
The ministers said support should also be given to the Asian Development Bank.
statement says the group remains committed to helping emerging and
developing countries, and to favoring open trade and investment instead
U.S. Treasury Secretary Timothy Geithner said
after Saturday's meeting that the high-level of commitment shown by
members will help economic recovery come more quickly.
G-20 economic leaders are still trying to resolve deep divisions on how
to reverse the global recession, ahead of the summit of world leaders
scheduled for next month.
U.S. and European countries disagree
on whether more government spending is necessary to stimulate the
economy, or if tighter regulation of the financial markets is more
German Chancellor Angela Merkel said she is
optimistic that agreement can be reached with the United States, and
with emerging economies.
She spoke Saturday following a meeting
in London with British Prime Minister Gordon Brown, who called for a
revised international regulatory system.