The G-20 Summit held at Pittsburgh has decided not to withdraw the global stimulus package for revival of the world economy hit by worst crisis since the Great Depression and to broad base the IMF by raising the voting rights of countries like India. In a statement issued at the end of the summit attended by leaders of developed countries and major emerging economies, including India, the G-20 leaders said they reviewed the progress we have made since the London Summit in April. The Summit also designated the G-20 to be the premier forum for international economic cooperation.<br/><br/>The grouping of developed and developing nations also said they are committed to a shift in International Monetary Fund (IMF) quota share to dynamic emerging markets and developing countries of at least 5 per cent from over-represented countries to under-represented countries using the current quota formula as the basis to work from. <br/><br/>The G-20 countries said they will fight protectionism and that they are committed to bringing the Doha Round to a successful conclusion in 2010. <br/><br/>They also said they will spare no effort to reach agreement in Copenhagen through the United Nations Framework Convention on Climate Change negotiations.
News On AIR | September 26, 2009 7:51 PM
G-20 Summit global stimulus package for world economy