G-20 pledges joint action to tackle global financial crisis

October 12th, 2008 - 6:31 pm ICT by ANI  

New Delhi, Oct 12 (ANI): The Group of 20 (G-20) rich and emerging countries including India have committed to using all the available means to tackle the financial crisis rocking world markets.

After a meeting in Washington on Saturday they issued a statement agreeing to ensure that measures taken to ease the crisis are closely communicated so that the action of one country does not come at the expense of others or the stability of the system as a whole.

The head of the International Monetary Fund Strauss-Kahn, while speaking in Washington, warned that the global financial system has been pushed to the brink of ”meltdown”.

He said he has been calling for coordinated action on the crisis for some months.

The IMF has endorsed an action plan from Finance Ministers of the G-7 group. Strauss-Kahn hoped that the G-7 plan would improve the flow of credit between banks.

The IMF has also declared itself ready to lend any country that needed help, saying the crisis was not limited to advanced economies. (ANI)

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