Economic leaders from rich and emerging countries
have agreed on the need to increase funding for the International Monetary Fund
to help the countries hit hardest by the global recession.
ministers from the Group of 20 nations, holding talks near London Saturday, said
in a statement that resources should be expanded at the IMF. The international
bank has loaned billions of dollars to struggling countries.
ministers said support should also be given to the Asian Development
The statement says the group remains committed to helping emerging
and developing countries, and to favoring open trade and investment instead of
Treasury Secretary Timothy Geithner said after Saturday's meeting that the
high-level of commitment shown by members will help economic recovery come more
Meanwhile, G-20 economic leaders are still trying to resolve
deep divisions on how to reverse the global recession, ahead of the summit of
world leaders scheduled for next month.
U.S. and European countries
disagree on whether more government spending is necessary to stimulate the
economy, or if tighter regulation of the financial markets is more urgently
German Chancellor Angela Merkel said she is optimistic that
agreement can be reached with the United States, and with emerging
She spoke Saturday following a meeting in London with British
Prime Minister Gordon Brown, who called for a revised international regulatory