G-20 leaders committed to fight slowdown, corruption

Committing to fight economic slowdown and combat corruption, the G-20 leaders have expressed confidence that $450 billion firepower of the International Monetary Fund would help in safeguarding financial stability and preventing global crisis.

Pointing out that global economy continues to vulnerable, the declaration issued at the end of the two-day G-20 summit in Los Cabos said, "this effort (to provide $450 billion to the IMF) shows the G-20 and the international community's commitment to take the steps needed to safeguard global financial stability and enhance the IMF's role in crisis prevention and resolution."

It called for collective action to deal with financial market tensions and promote trade, growth and jobs.

"Clearly, the global economy remains vulnerable, with a negative impact on the everyday lives of people all over the world, affecting jobs, trade, development,

and the environment. . . We will act together to strengthen recovery and address financial market tensions," said the declaration.

Among other G-20 leaders, the Summit was attended by Prime Minister Manmohan Singh who said that "my overall assessment of the meeting is that there was general agreement that policy in all countries must shift to strengthening growth. . . there was also general agreement that the most urgent problem we must tackle is to reduce uncertainty about the Eurozone."

India has committed $10 billion as part of the $75 billion pledged by the five-nation Brazil, Russia, India, China and South Africa bloc to the strengthen IMF's firepower to deal with the global crisis.

On the issue of corruption, which is being raised by India at different global fora, the declaration called upon the members nations and other stakeholders to play an active role in combating the menace and deny safe havens to proceeds of such activities.