The open letter outlines five areas where action should be taken to alleviate the impact of the global financial crisis and stimulate recovery.

The recommendations include:

• improving financial market regulations;

• taking measures to restore confidence in the market;

• easing credit markets conditions to ensure the flow of capital;

• coordinating fiscal actions and investments by governments;

• and pursuing more open markets and global free trade talks.

The forum is an annual meeting of senior government, business and academic figures held in Saudi Arabia. The latest meeting in Riyadh was the third since the initiative began.

The three-day conference was hosted by the Saudi Arabian General Investment Authority (Sagia).

The members of the G20 are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, US and the EU.

The next meeting of the G20 is due to take place in London in early April.