WASHINGTON - THE International Monetary Fund (IMF) chief on Saturday welcomed the outcome of the Group of 20 (G20) summit, calling it a step toward resolving the world's financial crisis.

'Today's summit was significant because of the people present. A new world economic order is developing that is more dynamic and more inclusive than any we have yet seen,' IMF managing director Dominique Strauss-Kahn said.

'The meetings are also significant because of what was agreed. The most important outcome of this weekend's meeting is agreement on an action plan and the commitment of all participants to implement the plan vigorously and fully.'

He said the IMF 'will give strong support to these efforts, as called for by the G20.'

Mr Strauss-Kahn said he welcomed the G20's 'strong support for the important role of the Fund in crisis management and the reform of the international financial architecture,' and noted the IMF has been working on a variety of aid programs including a new short-term liquidity facility.

He welcomed the leaders' commitment to boosting IMF resources, including Japan's offer to provide US$100 billion (S$152 billion) to the IMF to support lending to countries hit by the crisis.

Leaders of the G20 vowed action on Saturday to reverse a looming global recession and prevent future financial upheaval, but shied away from a coordinated stimulus plan.

The G20 leaders tasked their finance ministers with drawing up by Mar 31 a list of financial institutions whose collapse would imperil global capitalism. -- AFP