What strategies can G20 leaders take to sustain economic recovery?

The first challenge for the G20 Leaders to usethe Framework for the transition from crisis response to stronger, more sustainable and balanced growth, consistent with goals of sustainable public finances; price stability; stable, efficient and resilient financial systems; employment creation; and poverty reduction. While they continue to provide support for the economy until the recovery is secured, they must also commit to develop further our strategies for managing the withdrawal from their extraordinary macroeconomic and financial support measures.

The G-20 should also lay the foundations to move beyond the crisis to a sustainable recovery. In 2009, it will be important to understand the roots of the international financial crisis and identify the lessons learned from past crisis and ensure that kind of crisis does not happen again. The G-20 should develop proposals that will restore global growth in the medium term, including the unwinding of emergency measures taken in response to the crisis. In addition, they should also make progress on long-term issues such as climate change and international development.

In my opinion, the leaders of G20 should continue to increase the relevance, responsiveness, effectiveness and legitimacy of the International Financial Institutions (IFIs) because it plays an important role in supporting their work to secure sustainable growth, stability, job creation, development and poverty reduction. They should also mandate the IMF to strengthen their capability to prevent and manage future crises.