Jamaica Gleaner
Published: Tuesday | November 10, 2009
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G-20 renews support pledge

Left: US Treasury Secretary Timothy Geithner. Right: British Prime Minister Gordon Brown. - File photos

Finance officials from rich and developing countries have pledged to maintain emergency support for their economies until recovery is assured, but failed to reach a clear agreement to bear the cost of fighting climate change.

There was also a mixed reaction among the Group of 20 leading rich and emerging nations Saturday to a British-led push to consider a fund for bank bailouts, possibly financed by a tax on financial transactions, to ensure that taxpayers don't bear the brunt of any future rescues.

The grouping - representing around 90 per cent of the world's wealth, 80 per cent of world trade and two-thirds of the world's population - said in a statement after talks in St Andrews, Scotland, that economic recovery is "uneven and remains dependent on policy support".

US Treasury Secretary Timothy Geithner said American jobs figures out last Friday showing unemployment at a 26-year high of 10.2 per cent "reinforced that this is still a very tough economic environment".

While the "process of growth is now beginning", that fledging growth still needs to be reinforced to create jobs and get businesses investing to underpin the recovery in the housing market and elsewhere, Geithner said.

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