India, one of the biggest emerging economies in the world, also made positive response to the summit.

Indian Prime Minister Manmohan Singh urged the international community to consider special initiatives to counter the shrinkage of capital flows to developing countries, and called for changes needed in the global financial architecture to avoid the current financial crisis from recurring.

The summit, which convened leaders from Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey and the United States, the European Union and the Bretton Woods Institutions, namely the International Monetary Fund (IMF) and the World Bank, ended with a declaration, vowing to enhance cooperation to restore global growth and achieve needed reforms in the world's financial system.

The joint efforts were also welcomed by the international organizations leaders who are concerned about the economic crisis turning into 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 of 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.

World Bank chief Robert Zoellick compliment leaders for working to "lay a productive foundation" for recovery but he warned that the financial crisis will not be solved if poorer nations are "left out in the cold."

"But the poorest developing countries must not be left out in the cold. We will not solve this crisis, or put in place sustainable long-term solutions by accepting a two-tier world," said Zoellick in a statement.

"If we are going to avert a human crisis, we will have to do more."

(Xinhua News Agency November 16, 2008)