Editor in Chief: Moh. Reza Huwaida Wednesday, September 19th, 2018

G20 Pledges “All Necessary Actions” to Tackle Global Crisis

G20 Pledges “All  Necessary Actions” to Tackle Global Crisis

WASHINGTON - The Group of 20 (G20) major economies Thursday vowed to take strong actions to address the worsening global financial crisis that threatens world economy. "We commit to take all necessary actions to preserve the stability of banking systems and financial markets as required," the G20 officials said in a communique after a dinner meeting to discuss the European debt crisis.

The G20 finance ministers and central bankers, who are also gathering in Washington DC to attend the International Monetary Fund (IMF) and the World Bank annual meetings, vowed to deliver "a strong and coordinated international response to address the renewed challenges facing the global economy."

They noted "heightened downside risks from sovereign stresses, financial system fragility, market turbulence, weak economic growth and unacceptably high unemployment." The G20, which comprises 20 advanced and emerging-market economies totally accounting for more than 80 percent of global GDP, would work together to support growth and implement "credible fiscal consolidation plans," they said.

The action plan would be prepared for the G20 leader's summit on November 3-4 in Cannes, France. Global financial markets have been highly volatile in recent days as the risk of a Greek debt default is rising and European sovereign debt crisis is spilling over. The U.S. stock market plunged Thursday, as the Dow Jones industrial average tumbled 391.01, or 3.51 percent, to 10,733.83, after falling 283 points on Wednesday. (Xinhua)