Paulson expects G20 to endorse G7 action plan

WASHINGTON: US Treasury Secretary Hank Paulson said he expects emerging nations in the G20 to sign up to a five-point action plan to tackle the financial crisis unveiled by leading rich countries on Friday.

"I would be surprised if they didn't look at the action plans and didn't endorse them," Paulson told reporters. "Never have all of us been so dependent on the other and so interdependent. We need to work together."

The finance chiefs of the Group of Seven major advanced economies announced Friday a broad five-point plan to tackle the global financial crisis.

The G7 pledged to use "all available tools" to support key institutions and prevent their failure in the worst financial crisis since the 1930s Great Depression.

"The G7 agrees today that the current situation calls for urgent and exceptional action," said a joint statement released by the US Treasury.

"We commit to continue working together to stabilize financial markets and restore the flow of credit, to support global economic growth."

The plan states that the G7 would "take decisive action and use all available tools to support systemically important financial institutions and prevent their failure".

The central bank chiefs and finance ministers of the G20, a grouping that includes rich and emerging nations, are to hold a crisis meeting on Saturday in Washington.