G-20 leaders reach a historic agreement

V S Chandrasekar and Lalit K Jha

Pittsburgh, Sep 25 (PTI) Taking on board the concerns
of India and other countries, leaders of the G-20 countries
comprising the world’s major economies have decided to
continue the stimulus package to quicken global economic
recovery.

The leaders from the US, UK, France, China and others
reached a historic agreement to put the group at the centre of
their efforts to build a roadmap for durable recovery,
avoiding the financial fragilities that led to the crisis.

"Today, leaders endorsed the G-20 as the premier forum
for their international economic cooperation. This decision
brings to the table the countries needed to build a stronger,
more balanced global economy, reform the financial system, and
lift the lives of the poorest," the White House said in a
statement after US President Barack Obama hosted a dinner for
the heads of government that included Prime Minister of India
Manmohan Singh.

Amidst demands by some European Government heads that
an exit policy should be made to end the stimulus package
agreed in London, the draft declaration of the summit is
believed to have stressed the need for continuance of the
booster dose notwithstanding green shoots of recovery seen in
some countries.

At the London Summit in April, the G-20 leaders agreed
to pump in USD 1.1 billion to lift the global economy hit by
last year's financial crisis triggering the collapse of many
leading financial institutions. (MORE) PTI