Communiqué

Meeting of Finance Ministers and Central Bank Governors, London, 4-5 September 2009

1. We, the G20 Finance Ministers and Central Bank Governors, met ahead of the Pittsburgh 

Summit to assess our progress in delivering the Global Plan for Recovery and Reform and agree 

further actions to ensure sustainable growth and build a stronger international financial system. We 

reiterated the need for swift and full implementation of all the commitments made at the Washington 

and London Summits and have agreed the further necessary steps to strengthen the financial 

system, as set out in the accompanying declaration.

2. Our unprecedented, decisive and concerted policy action has helped to arrest the decline and 

boost global demand. Financial markets are stabilising and the global economy is improving, but we 

remain cautious about the outlook for growth and jobs, and are particularly concerned about the 

impact on many low income countries. We will continue to implement decisively our necessary 

financial support measures and expansionary monetary and fiscal policies, consistent with price 

stability and long-term fiscal sustainability, until recovery is secured.

3. We must build on what we have already achieved and tackle the significant challenges that lie 

ahead. It is vital for growth that we act to support lending, including dealing with impaired assets 

and conducting robust stress tests where necessary. We must promote employment through

structural policies, active labour market policies, and training and education. We will work to 

address excessive commodity price volatility by improving the functioning and transparency of 

physical and financial markets and promoting a closer dialogue between producer and consumer 

countries. We welcome the swift implementation of the $250 billion trade finance initiative and 

reaffirm our commitment to fight all forms of protectionism and to reach an ambitious and balanced 

conclusion to the Doha Development Round.

4. We agreed the need for a transparent and credible process for withdrawing our extraordinary 

fiscal, monetary and financial sector support as recovery becomes firmly secured. Working with the 

IMF and the FSB we will develop cooperative and coordinated exit strategies, recognising that the 

scale, timing and sequencing of actions will vary across countries and across the types of policy 

measures. 

5. We will work to achieve high, stable and sustainable growth, which will require orderly

rebalancing in global demand, removal of domestic barriers and promotion of the efficient

functioning of global markets. The need to combat climate change is urgent, and we will work 

towards a successful outcome in Copenhagen.

6. We have made significant progress in strengthening the IFIs, but more needs to be done. We 

are close to completing the delivery of $850 billion of additional resources agreed in April, including 

an expanded, more flexible New Arrangement to Borrow; and $50 billion to support social protection 

and safety nets, boost trade and safeguard development in low income countries. We welcome the 

overhaul of the IMF’s lending facilities. We encourage the Multilateral Development Banks to make 

full use of their balance sheets and reaffirm our commitment to ensure they have appropriate 

capital, recognising that they are fully on track to deliver $100 billion of additional lending. In the 

period ahead we need to focus on providing resources to low income countries to support structural 

reforms and infrastructure development.

7. We look forward to prompt implementation of the 2008 IFI governance reforms, and will

complete World Bank reforms by Spring 2010 and the next IMF quota review by January 2011. We 

recognise that the IMF should remain a quota-based organisation; and as part of the reforms, the 

voice and representation of emerging and developing economies, including the poorest, must be 

significantly increased to reflect changes in the world economy. To achieve this we look forward to 

substantial progress in Pittsburgh. We also reaffirm our commitment to increase accountability, 

strengthen the involvement of Fund Governors in strategic oversight, and agree to move to an 

open, transparent and merit-based selection of IFI management. To improve the role and

effectiveness of the Fund in supporting stronger cooperation and ensuring a more sustainable 

global economy and international financial system, candid, even-handed, and independent

surveillance will be vital. We call on the IMF, working with other international institutions, to continue 

assessing our actions to secure a sustainable recovery.