G-20 Summit acknowledges the concerns expressed by developing countries, including India, over an early and co-ordinated phase-out of stimulus measures
Kirit Chauhan
Sep. 26, 2009

Leaders of the Group of 20 countries, who met here today, have reached a broad agreement on the need to let individual countries decide on the schedule for phasing out the fiscal stimulus measures their governments had introduced in the wake of the economic downturn that engulfed the global economy last year.

At the same time, however, the draft declaration of the summit is understood to have endorsed the US recommendation for the adoption of a new framework for balanced and sustainable growth. This is being seen as a reflection of the G-20 leaders commitment to take significant and concrete steps towards controlling and reducing emission of greenhouse gases at the next meeting of the United Nations Framework Convention on Climate Change, to be held in Copenhagen in December.

Endorsing this further, a White House statement said : “The G-20 leaders reached a historic agreement to put the G-20 at the centre of their efforts to work together to build a durable recovery while avoiding the financial fragilities that led to the crisis.” The statement referred to US President Barack Obama’s reference to G-20 as a premier global economic forum and his call to the world leaders to reform global economic institutions to meet the needs of an interconnected world economy. “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.

G-20 Summit acknowledges the concerns expressed by developing countries, including India, over an early and co-ordinated phase-out of stimulus measures
Kirit Chauhan
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