TEXT-G20 communique after meeting in South Korea

– reaffirmed our commitment to international assessment and
peer review across the FSB membership. We also recommit to apply
measures and mechanisms to address non-cooperative jurisdictions
and ensure compliance, including by providing support. We
welcomed the report by the Global Forum on Tax Transparency and
Exchange of Information, the progress on the peer review process,
and the development of a multilateral mechanism for information
exchange open to all countries. We fully support the work of the
Financial Action Task Force in the fight against money laundering
and terrorist financing and regular updates of a public list on
jurisdictions with strategic deficiencies. We welcomed the
implementation of the FSB’s evaluation process on the adherence
to prudential information exchange and international cooperation
standards in all jurisdictions.

– recognized the need to work together so as to foster the
wide-spread application of the overarching principles of
propriety, integrity and transparency in the conduct of
international business and finance.

5. We welcomed the agreement on the World Bank’s voice reform
to increase the voting power of developing and transition
countries by 3.13%. We committed to continue moving over time
towards equitable voting power, while protecting the smallest
poor nations, by arriving at a dynamic formula which primarily
reflects countries’ evolving economic weight and the World Bank’s
development mission. We committed to work towards ambitious IDA16
and African Development Fund replenishments. We also welcomed the
agreements for substantial capital increases and institutional
reforms at the World Bank, Inter American Development Bank,
European Bank for Reconstruction and Development, and African
Development Bank.

6. We called for an acceleration of the substantial work
still needed for the IMF to complete the quota reform by the
Seoul Summit and in parallel deliver on other governance reforms,
in line with commitments made in Pittsburgh. We underscored our
resolve to ensure the IMF has the resources it needs so that it
can play its important role in the world economy. We reiterated
the urgency of implementing the April 2008 package of IMF quota
and voice reforms. We urged all participating countries to
swiftly implement the expanded New Arrangements to Borrow (NAB).

7. We encouraged progress on financial safety nets and
acknowledged a need for national, regional and multilateral
efforts to deal with capital volatility and prevent crisis
contagion, as demonstrated by the recent events, and agreed to
explore policy options to improve global financial safety nets,
based on sound incentives. In line with this effort, we called on
the IMF to make rapid progress in reviewing its lending
instruments, with a view to developing and upgrading them, as
appropriate.

8. We welcomed the significant progress made on financial
inclusion with the development of Principles for Innovative
Financial Inclusion and stock-taking best practices in SME
finance. We call on relevant international standard setting
bodies to consider how they can further contribute to encouraging
financial inclusion, consistent with their respective mandates.
We look forward to tangible deliverables on financial inclusion
at the Toronto Summit, including the launch of the SME Finance
Challenge. Recognizing the importance of agriculture for growth,
poverty reduction and food security, we welcomed the launch of
the Global Agriculture and Food Security Program and look forward
to further voluntary contributions to the fund. We reaffirmed our
support for full cancellation of Haiti’s IFIs debts. We look
forward to completing this cancellation.

9. We welcome the strategies and timetables provided by many
G20 members for rationalizing and phasing out inefficient fossil
fuel subsidies that encourage wasteful consumption. We are
discussing the final report by the IEA, OPEC, OECD and World Bank
on the analysis of the scope of energy subsidies and suggestions
for the implementation of the Pittsburgh commitment.

10. We agreed to meet again on October 22-23, 2010 in
Gyeongju, Republic of Korea, in advance of the November 2010
Seoul Summit.
Stock Market News

(G20 Summit Newsroom; +82 51 742 1846)

TEXT-G20 communique after meeting in South Korea