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G20 finance ministers meet in Mexico


Mexico City : The finance ministers of the Group of 20 countries and central bank governors met here Friday, aiming to promote economic stability.

At the opening ceremony, Mexico’s Central Bank Governor Agustin Carstens noted that the aim of the meeting is to strengthen cooperation to ensure economic stability.

As debt crisis in the US and eurozone posed threats to the world economy in 2011, the international community should work together to “devote to finding solutions to the current crisis and preventing new crisis from taking place,” Carstens said.

The three-day meeting will focus on whether to pump money into the International Monetary Fund (IMF) to address debt crisis in Europe, Xinhua reported.

“We hope to be able to give signals of commitment to strengthen the support mechanism and on Sunday, when the communique is released, we hope it will be like that,” said Gerardo Rodriguez, Mexico’s Deputy Finance Minister.

However, according to analysts, it will be difficult to reach an agreement during the meeting as differences among G20 member countries on the issue of pumping more money into the IMF cannot be resolved in the near future.

The finance ministers and central bank governors will discuss the global economic issues behind closed doors.