The leaders of the G20 Financial Summit in Toronto, Canada agreed on three general principles to establish financial stability in line and pledged to halve fiscal deficit by 2013.
The participants also agreed to make work for liberalization of trade through efforts like denouncing protectionism and concluding Doha Round. The financial ministers and heads of the central banks of respective countries promised to gather at the next G20 Financial Summit scheduled to take place in November in Seoul, and offer measures for financial safety net. A joint statement that included the resolutions from above was released on Sunday, June 27 (local time).
The main text of the joint statement at large, called for bolstering international collaboration sustainable and balanced growth, reforming financial regulations and international financial institutions like the International Monetary Fund (IMF) and the World Bank (WB) and improving trade and investment. Other issues touched on by the statement were anti-corruption, climate change, subsidies issues for energy and assistance for poor nations among others.
The side text mentioned setting up a framework for a strong, sustainable and balanced growth, called for an overall reform in the financial sector, a study on appropriateness of international financial institutions, assistance to the financially vulnerable class and more.
G20 Framework: Cutting fiscal deficit by 50 percent by 2013
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