"Many emerging market economies, which helped sustain the world economy this decade, are still experiencing good growth but increasingly are being adversely impacted by the worldwide slowdown," it said.

Against this background of deteriorating economic conditions worldwide, the leaders agreed that a broader policy response is needed; based on closer macroeconomic cooperation, to restore growth, avoid negative spillovers and support emerging market economies and developing countries.

As immediate steps to achieve these objectives, as well as to address longer-term challenges, the leaders said they will:

-- Continue their vigorous efforts and take whatever further actions are necessary to stabilize the financial system.

-- Recognize the importance of monetary policy support, as deemed appropriate to domestic conditions.

--- Use fiscal measures to stimulate domestic demand to rapid effect, as appropriate, while maintaining a policy framework conductive to fiscal sustainability.

-- Help emerging and developing economies gain access to finance in current difficult financial conditions, including through liquidity facilities and program support. The leaders stress the IMF's important role in crisis response, welcome its new short-term liquidity facility, and urge the ongoing review of its instruments and facilities to ensure flexibility.

-- Encourage the World Bank and other multilateral development banks (MDBs) to use their full capacity in support of their development agenda, and the leaders welcome the recent introduction of new facilities by the World Bank in the areas of infrastructure and trade finance.

-- Ensure that the IMF, the World Bank and other MDBs have sufficient resources to continue playing their role in overcoming the crisis.

The joint efforts were immediately welcomed by the international organizations' leaders who are concerned that the economic crisis could become a human crisis.

"The Secretary-general welcomes the Declaration of the Summit on Financial Markets and the World Economy, held in Washington D.C. today, which committed leaders to joint action," said a statement from UN chief Ban Ki-moon's office.

He hailed the stimulus programs as an opportunity to promote "green economic development," and expressed support for renewable energy, conversion to more carbon-friendly systems, and investing in climate change adaptation measures in the most vulnerable developing economies.

Human crisis

Calling for a rapid response to the spreading global financial crisis, many countries warn that the international community must not lose sight of the human crisis triggered by the financial crisis.

Sharply tighter credit conditions and weaker growth are likely to cut into some developing countries' revenues and their ability to invest to meet education and health goals, as well as the infrastructure expenditures needed to sustain growth.

Current estimates suggest that a one percent decline in the growth rates of the developing world pushes an additional 20 million people into poverty. Already, 100 million people have been driven into poverty as a result of high food and fuel prices, according to the World Bank.

Ban Ki-moon said his greatest concern "is that today's financial crisis should not evolve into tomorrow's human crisis."

"We cannot allow it to become a reason for neglecting other critical issues: unacceptable levels of poverty and hunger, the food crisis, climate change," said Ban on Friday. "For that will only exacerbate the already fragile political and security situation in many countries that hardest hit."

After the five-hour summit, the leaders endorsed such calls in general terms.

"We are mindful of the impact of the current crisis on developing countries, particularly the most vulnerable," said the leaders. "We reaffirm the importance of the Millennium Development Goals, the development assistance commitments we have made, and urge both developed and emerging economies to undertake commitments consistent with their capacities and roles in the global economy."