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Saturday November 7, 09:20 PM
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G20 to keep stimulus till recovery assured - draft
ST ANDREWS, Scotland (Reuters) - Global economic conditions have improved but are still uneven and dependent on policy support, according to a draft of the G20 finance ministers' and central bankers' end-of-meeting communique.
Policymakers also committed to a detailed timetable to launch mutual assessment of their economies that could see countries set out national and regional policy frameworks by the end of January 2010.
"Economic and financial conditions have improved following our coordinated response to the crisis. However, recovery is uneven and remains dependent on policy support," the draft, read out to Reuters by a delegation source, said.
"To restore the global economy and financial system to health, we agreed to maintain support for the recovery until it is assured," the statement said, warning that high unemployment remained a major concern.
The policymakers also agreed that the challenge ahead will be the transition from crisis response to stronger and more sustainable growth as the global economy slowly emerges from the worst downturn since the 1930s.
To that effect, the G20, which was proclaimed as the world's new economic governing council in September at a summit in Pittsburgh, agreed to start a new consultative process to see if countries' economic plans "would collectively deliver our agreed objectives".
The World Bank and International Monetary Fund will be involved in assessments.
Countries will set national and regional policy frameworks by the end of January 2010 and then conduct an initial mutual assessment in April 2010, the draft said.
Policy options would then be developed for leaders to consider in June 2010 with more specific recommendations to be made for November 2010.
(Editing by Mike Peacock)
