Pittsburgh, PA
September 25, 2009

“We have had a very productive meeting in which there was a comprehensive discussion among the leaders on a wide range of issues.

The communiqué, including its summary statement, is before you as is the text of my remarks. This Summit was not meant to be a “trillion dollar” summit. Its purpose was to review what has happened and chart the way forward. 

Some of the important issues we discussed are:

(1) There will be no pre-mature withdrawal of stimulus.

(2) The emergency financing for the Fund has been successfully completed. We now have to address the issue of the Fund quota increase by early 2011. We have agreed to shift 5% share to countries that are under-represented. 

(3) We have agreed to help the World Bank, and other regional development banks, to find the necessary resources based on a review of their capital needs to be completed in the first half of 2010. 

(4) We have agreed on a new framework for discussing global macro-balances, and the contributions individual countries can make through their own policies, with a new process of peer review or discussion in the G-20. 

(5) We have discussed the important issue of climate change. The G-20 have called for a successful outcome in the UNFCCC at Copenhagen.

(6) We have agreed that we should work for an early resolution of Doha to counter protectionism. The success of the Delhi Ministerial meeting in reviving the process of negotiations was appreciated. 

(7) We have agreed that the G-20 will henceforth be the premier forum for international economic issues. This is an important development broadening the global governance structure.”