G-20 leaders agree to continue stimulus package for global economic recovery

Taking on board the concerns of India and other countries, leaders of the G-20 countries comprising the world's major economies have decided to continue the stimulus package to quicken global economic recovery.

The leaders from the US, UK, France, China and others reached a historic agreement to put the group at the centre of their efforts to build a roadmap for durable recovery, avoiding the financial fragilities that led to the crisis.

"Today, leaders endorsed the G-20 as the premier forum for their international economic cooperation. This decision brings to the table the countries needed to build a stronger, more balanced global economy, reform the financial system, and lift the lives of the poorest," the White House said in a statement after US president Barack Obama hosted a dinner for the heads of government that included prime minister Manmohan Singh.

Amidst demands by some European government heads that an exit policy should be made to end the stimulus package agreed in London, the draft declaration of the summit is believed to have stressed the need for continuance of the booster dose notwithstanding green shoots of recovery seen in some countries.

At the London Summit in April, the G-20 leaders agreed to pump in $1.1bn to lift the global economy hit by last year's financial crisis triggering the collapse of many leading financial institutions.