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"Emerging and developing economies, including the poorest, should have greater voice and representation," says the 9-page communiqué from the G20 leaders, which will be released at the end of their meeting.

They agreed that reform in these institutions including IMF and World Bank would serve "as sure foundations for sustainable globalization and rising prosperity for all."

The leaders urge the financial institutions to implement in "an accelerated timescale" by IMF packages of quota and voices reforms and the World Bank reform to be agreed by the 2010 spring meeting.

What they could not agree was the amount of fund for the stimulus packages for the developing countries. The exact amount will be discussed among the G20 leaders Thursday. It was reported last week that the fund was amounted to two trillion dollars. Both France and Germany would like to stronger commitment on regulatory reforms.

The leaders' statement, which was obtained by The Nation, says that the world faces the greatest challenge to the world economy in modern times, a crisis affecting the lives of ordinary men, women ad children in every country and which all countries must join together to resolve. "A global crisis requires a global solution," it says.

The G20 leaders see eyes to eyes and reaffirm that the going economic well-beings can only be achieve through "an open world economy based on market principles, effective regulations and strong."  They are determined to turn their words into actions.

The leaders also agree that the IMF should become the resources to help emerging market and developing countries in finance counter-cycled spending, bank recapitalization, infrastructure, trade finance, balance of payments support, debt rollover and social support. They agree to increase to US$500 billion the funding under New Arrangement to Borrow as requested by developing countries.

Furthermore, the leaders also support increase in lending at least 100 billion by the Multilateral Development Banks including to low income countries and ensure that all Millennium Development Goals have the appropriate capital The statement also said that this plan must be accompanied by action to increase the incredibility and accountability of the institutions through better strategic oversight and decision making.

Regarding the proposal by China and India to use international currencies on the Special Drawing Right, the reserve which was created in 1969 by the IMF to supplement the existing official reserves of the member countries, the leaders agree to support a general SDR allocation which will inject 250 billion into the world economy and increase global liquidity.

The G20 also reaffirm their commitment to resist protectionism and promote local trade and investment. They also promise to refrain from raising new barriers to investment to trade in goods and services, imposed new export restrictions.

The economic assessment by the G20 leaders shows that with the right amount of stimulus packages, the global economic growth would be around either 2 or 3 percent. The early conclusion of Doha Round would also boost global condition by 150 billion on the ground.

The leaders said that they would meet again within this year to assess their progress.