G20 leaders hope support for banks, higher spending and more money for the IMF will lift the world economy out of recession by the end of 2010, according to a draft G20 communique on the Financial Times (FT) web site today.
Existing fiscal expansion will raise global output by more than 2 percentage points and create more than 20 million jobs worldwide, the report said, quoting from a leaked 24-point draft ahead of Thursday's G20 summit in London.
Spokesmen for Britain's finance ministry and Prime Minister Gordon Brown refused to comment on the report.
"We are determined to restore growth now, resist protectionism, and reform our markets and institutions for the future," the draft communique said, according to the FT. "We are determined to ensure that this crisis is not repeated."
The draft said G20 countries were also committed to "put in place exit strategies from the necessary expansionary policies, working together to avoid unintended impacts on other".
Executive pay and bonuses should reward performance, sustainable growth and avoid excessive risk, it said.
On gold, the IMF will be asked to bring forward proposals to use proceeds from agreed gold sales to support poor countries.