Smaller IMF countries pledge support for economic efforts

The pledge, by member countries of the International Monetary Fund, amounted to the latest recognition that the economic crisis has proved so broad and powerful that almost no nation has been immune to its damaging effects -- making it more and more difficult, and possibly unwise, to try to go it alone or act unilaterally.

In essence, the International Monetary Fund turned a previously scheduled annual conference into a kind of emergency global financial summit, since the organization includes virtually every country in the world.

While the major developed nations in the IMF were expected to support such a move, what was significant was that at the end of a long day, the weaker, more vulnerable members joined in a "strong endorsement" of the rescue approach outlined a day earlier by seven of the world's largest economies.

"This is a commitment by the international community that because this crisis is global, the solution has to be global," said IMF conference chairman Youssef Boutros-Ghali. "And it has to have the support of the entire financial community -- developed and developing countries."

IMF officials said the fund would financially support any country that is adversely affected by the crisis.

Shortly after the IMF meeting, President Bush made an unscheduled appearance at a meeting of the world's most robust economies, the so-called G-20 nations that include high-growth countries such as China and Brazil in addition to the G-7.

"It doesn't matter if you're a rich country or a poor country, a developed country or a developing country: We're all in this together," Bush told the G-20 finance officials, who gathered on the sidelines of the IMF conference to discuss the crisis, largely at the request of the United States.

"We must work collaboratively. We take this seriously, and we want to work with you," the president told the officials, White House spokesman Tony Fratto said.

European leaders are convening their own emergency meeting in Paris today to coordinate actions by banks in the 15 countries that use the euro. European countries initially squabbled over their responses to the crisis, but as it has escalated, their differences appear to be evaporating.