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Major Economies Express Confidence About Global Growth

  • International Monetary Fund (IMF) Managing Director Christine Lagarde, center, accompanied by World Bank President Jim Yong Kim, left, and UN Secretary General Ban Ki-moon, meet with reporters during the World Bank Group- International Monetary Fund Spring Meetings in Washington, Friday, April 11, 2014. ( AP Photo/Jose Luis Magana)

    International Monetary Fund (IMF) Managing Director Christine Lagarde, center, accompanied by World Bank President Jim Yong Kim, left, and UN Secretary General Ban Ki-moon, meet with reporters during the World Bank Group- International Monetary Fund Spring Meetings in Washington, Friday, April 11, 2014. ( AP Photo/Jose Luis Magana)

  • International Monetary Fund (IMF) Managing Director Christine Lagarde, center, accompanied by World Bank President Jim Yong Kim, left, and UN Secretary General Ban Ki-moon, meet with reporters during the World Bank Group- International Monetary Fund Spring Meetings in Washington, Friday, April 11, 2014. ( AP Photo/Jose Luis Magana)

    International Monetary Fund (IMF) Managing Director Christine Lagarde, center, accompanied by World Bank President Jim Yong Kim, left, and UN Secretary General Ban Ki-moon, meet with reporters during the World Bank Group- International Monetary Fund Spring Meetings in Washington, Friday, April 11, 2014. ( AP Photo/Jose Luis Magana)

  • Russian Finance Minister Anton Siluanov, and Russian Monetary policy chief Ksenia Yudaeva speak during the G-20 finance ministers and central bank governors group photo on the sidelines of their meeting at World Bank Group-International Monetary Fund Spring Meetings in Washington, Friday, April 11, 2014. ( AP Photo/Jose Luis Magana)

    Russian Finance Minister Anton Siluanov, and Russian Monetary policy chief Ksenia Yudaeva speak during the G-20 finance ministers and central bank governors group photo on the sidelines of their meeting at World Bank Group-International Monetary Fund Spring Meetings in Washington, Friday, April 11, 2014. ( AP Photo/Jose Luis Magana)

  • Russian Finance Minister Anton Siluanov, and Russian Monetary policy chief Ksenia Yudaeva speak during the G-20 finance ministers and central bank governors group photo on the sidelines of their meeting at World Bank Group-International Monetary Fund Spring Meetings in Washington, Friday, April 11, 2014. ( AP Photo/Jose Luis Magana)

    Russian Finance Minister Anton Siluanov, and Russian Monetary policy chief Ksenia Yudaeva speak during the G-20 finance ministers and central bank governors group photo on the sidelines of their meeting at World Bank Group-International Monetary Fund Spring Meetings in Washington, Friday, April 11, 2014. ( AP Photo/Jose Luis Magana)

  • Treasury Secretary Jacob Lew speaks with Saudi Arabian Finance Minister Ibrahim Al-Assaf during a meeting at the World Bank Group-International Monetary Fund Spring Meetings in Washington, Friday, April 11, 2014. ( AP Photo/Jose Luis Magana)

    Treasury Secretary Jacob Lew speaks with Saudi Arabian Finance Minister Ibrahim Al-Assaf during a meeting at the World Bank Group-International Monetary Fund Spring Meetings in Washington, Friday, April 11, 2014. ( AP Photo/Jose Luis Magana)

  • Treasury Secretary Jacob Lew speaks with Saudi Arabian Finance Minister Ibrahim Al-Assaf during a meeting at the World Bank Group-International Monetary Fund Spring Meetings in Washington, Friday, April 11, 2014. ( AP Photo/Jose Luis Magana)

    Treasury Secretary Jacob Lew speaks with Saudi Arabian Finance Minister Ibrahim Al-Assaf during a meeting at the World Bank Group-International Monetary Fund Spring Meetings in Washington, Friday, April 11, 2014. ( AP Photo/Jose Luis Magana)

  • This handout photo provided by the International Monetary Fund (IMF) shows IMF Managing Director Christine Lagarde, left, talking with Federal Reserve Chair Janet Yellen prior to the G20 meeting at the IMF/World Bank Spring Meetings, Friday, April 11, 2014, at IMF Headquarters in Washington.  (AP Photo/Stephen Jaffe, IMF)

    This handout photo provided by the International Monetary Fund (IMF) shows IMF Managing Director Christine Lagarde, left, talking with Federal Reserve Chair Janet Yellen prior to the G20 meeting at the IMF/World Bank Spring Meetings, Friday, April 11, 2014, at IMF Headquarters in Washington. (AP Photo/Stephen Jaffe, IMF)

  • This handout photo provided by the International Monetary Fund (IMF) shows IMF Managing Director Christine Lagarde, left, talking with Federal Reserve Chair Janet Yellen prior to the G20 meeting at the IMF/World Bank Spring Meetings, Friday, April 11, 2014, at IMF Headquarters in Washington.  (AP Photo/Stephen Jaffe, IMF)

    This handout photo provided by the International Monetary Fund (IMF) shows IMF Managing Director Christine Lagarde, left, talking with Federal Reserve Chair Janet Yellen prior to the G20 meeting at the IMF/World Bank Spring Meetings, Friday, April 11, 2014, at IMF Headquarters in Washington. (AP Photo/Stephen Jaffe, IMF)

  • FILE 0 In this July 2, 1964, file photo, President Lyndon B. Johnson reaches to shake hands with Dr. Martin Luther King Jr. after presenting the civil rights leader with one of the 72 pens used to sign the Civil Rights Act in Washington. Surrounding the president, from left, are, Rep. Roland Libonati, D-Ill., Rep. Peter Rodino, D-N.J., Rev. King, Emanuel Celler, D-N.Y., and behind Celler is Whitney Young, executive director of the National Urban League. President Barack Obama was 2-years-old when Johnson signed the Civil Rights Act. Half a century later, the first black president will commemorate what’s been accomplished in his lifetime. He’ll also recommit the nation to fighting deep inequalities that remain.  (AP Photo)

    FILE 0 In this July 2, 1964, file photo, President Lyndon B. Johnson reaches to shake hands with Dr. Martin Luther King Jr. after presenting the civil rights leader with one of the 72 pens used to sign the Civil Rights Act in Washington. Surrounding the president, from left, are, Rep. Roland Libonati, D-Ill., Rep. Peter Rodino, D-N.J., Rev. King, Emanuel Celler, D-N.Y., and behind Celler is Whitney Young, executive director of the National Urban League. President Barack Obama was 2-years-old when Johnson signed the Civil Rights Act. Half a century later, the first black president will commemorate what’s been accomplished in his lifetime. He’ll also recommit the nation to fighting deep inequalities that remain. (AP Photo)

  • World Bank President Jim Yong Kim pauses while speaking at a news conference during the IMF/World Bank Spring Meetings at IMF headquarters in Washington, Thursday, April 10, 2014. ( AP Photo/Jose Luis Magana)

    World Bank President Jim Yong Kim pauses while speaking at a news conference during the IMF/World Bank Spring Meetings at IMF headquarters in Washington, Thursday, April 10, 2014. ( AP Photo/Jose Luis Magana)

  • International Monetary Fund (IMF) Managing Director Christine Lagarde, center, accompanied by World Bank President Jim Yong Kim, left, and UN Secretary General Ban Ki-moon, meet with reporters during the World Bank Group- International Monetary Fund Spring Meetings in Washington, Friday, April 11, 2014. ( AP Photo/Jose Luis Magana)
  • International Monetary Fund (IMF) Managing Director Christine Lagarde, center, accompanied by World Bank President Jim Yong Kim, left, and UN Secretary General Ban Ki-moon, meet with reporters during the World Bank Group- International Monetary Fund Spring Meetings in Washington, Friday, April 11, 2014. ( AP Photo/Jose Luis Magana)
  • Russian Finance Minister Anton Siluanov, and Russian Monetary policy chief Ksenia Yudaeva speak during the G-20 finance ministers and central bank governors group photo on the sidelines of their meeting at World Bank Group-International Monetary Fund Spring Meetings in Washington, Friday, April 11, 2014. ( AP Photo/Jose Luis Magana)
  • Russian Finance Minister Anton Siluanov, and Russian Monetary policy chief Ksenia Yudaeva speak during the G-20 finance ministers and central bank governors group photo on the sidelines of their meeting at World Bank Group-International Monetary Fund Spring Meetings in Washington, Friday, April 11, 2014. ( AP Photo/Jose Luis Magana)
  • Treasury Secretary Jacob Lew speaks with Saudi Arabian Finance Minister Ibrahim Al-Assaf during a meeting at the World Bank Group-International Monetary Fund Spring Meetings in Washington, Friday, April 11, 2014. ( AP Photo/Jose Luis Magana)
  • Treasury Secretary Jacob Lew speaks with Saudi Arabian Finance Minister Ibrahim Al-Assaf during a meeting at the World Bank Group-International Monetary Fund Spring Meetings in Washington, Friday, April 11, 2014. ( AP Photo/Jose Luis Magana)
  • This handout photo provided by the International Monetary Fund (IMF) shows IMF Managing Director Christine Lagarde, left, talking with Federal Reserve Chair Janet Yellen prior to the G20 meeting at the IMF/World Bank Spring Meetings, Friday, April 11, 2014, at IMF Headquarters in Washington.  (AP Photo/Stephen Jaffe, IMF)
  • This handout photo provided by the International Monetary Fund (IMF) shows IMF Managing Director Christine Lagarde, left, talking with Federal Reserve Chair Janet Yellen prior to the G20 meeting at the IMF/World Bank Spring Meetings, Friday, April 11, 2014, at IMF Headquarters in Washington.  (AP Photo/Stephen Jaffe, IMF)
  • FILE 0 In this July 2, 1964, file photo, President Lyndon B. Johnson reaches to shake hands with Dr. Martin Luther King Jr. after presenting the civil rights leader with one of the 72 pens used to sign the Civil Rights Act in Washington. Surrounding the president, from left, are, Rep. Roland Libonati, D-Ill., Rep. Peter Rodino, D-N.J., Rev. King, Emanuel Celler, D-N.Y., and behind Celler is Whitney Young, executive director of the National Urban League. President Barack Obama was 2-years-old when Johnson signed the Civil Rights Act. Half a century later, the first black president will commemorate what’s been accomplished in his lifetime. He’ll also recommit the nation to fighting deep inequalities that remain.  (AP Photo)
  • World Bank President Jim Yong Kim pauses while speaking at a news conference during the IMF/World Bank Spring Meetings at IMF headquarters in Washington, Thursday, April 10, 2014. ( AP Photo/Jose Luis Magana)

Washington — Finance officials of the world’s major economies expressed confidence Friday that they can meet an ambitious goal of boosting global growth by $2 trillion over the next five years.

That’s despite a variety of threats including rising political tensions over Russia’s actions in Ukraine.

Finance ministers and central bank presidents of the leading rich and developing nations issued a joint statement that papered over substantial differences in such areas as central bank interest rate policies and whether to hit Russia with tougher sanctions because of its dealings with Ukraine.

The final Group of 20 communique pledged to keep working on concrete economic reforms that could boost global growth by 2 percent over the next five years. But finance officials concede that the economic reforms needed to achieve that goal will in many cases be politically difficult.

Australian Treasurer Joe Hockey said all the finance ministers realized that hard decisions would have to be made in terms of reforming labor market policies and dealing with budget deficits.

“It is hard but that is the only way we are going to grow the economy,” Hockey told reporters at news conference following the group’s two days of discussions.

The finance ministers agreed to develop concrete proposals for each of their countries and present those plans at a September meeting in Australia in preparation for a G-20 leaders’ summit on Nov. 15-16 in Brisbane that will be attended by President Obama and leaders of the other nations.

The U. S. was represented in the discussions Friday by Treasury Secretary Jacob Lew and Federal Reserve Chair Janet Yellen.

Lew on Thursday had raised the possibility in a meeting with Russian Finance Minister Anton Siluanov on Thursday that the Obama administration was willing to impose “additional significant sanctions” if Russia escalates the Ukraine situation.

The G-20 also endorsed the $14 billion to $18 billion loan package that the International Monetary Fund, headed by former Dartmouth College president Jim Yong Kim, has developed to help Ukraine avoid a financial collapse.

IMF officials have said the IMF support program will likely be approved by the agency’s board of directors by the end of this month or early May.

The United States and various European nations have already imposed an initial round of sanctions aimed at punishing Russia for its annexation of the Crimean Peninsula.

The United States is raising the prospect of tougher penalties if Russia attempts to annex parts of Eastern Ukraine, but European officials have been hesitant to go further, worried about possible economic retaliation by Russia.

The United States came in for criticism in the G-20 communique for the failure of Congress to approve U.S. funding for the IMF that is needed to implement a reform program that the 188-nation lending agency adopted in 2010.

That program would give the IMF more resources to help countries in economic distress and provide greater voting to emerging economies such as China.

But the measure has languished in Congress for years and supporters failed again in March to win congressional approval.

The G-20 officials said they were “deeply disappointed” with the continued U.S. delay and said if approval was not obtained by the end of this year, the IMF should explore other options. The statement did not explain what options might be available if there is continued U.S. inaction.

Japanese Finance Minister Taro Aso said that the IMF will have to consider what alternatives exist to move forward with IMF reforms.

German Finance Minister Wolfgang Schaeuble told reporters that more leadership was needed from the United States, referring to America as “the indispensable nation ... we need you.”

The G-20 statement dropped a lengthy section that had been included in the February statement concerning the need for continued low interest rate policies by major central banks.

Asked about that change, British Chancellor of the Exchequer George Osbore said, “I wouldn’t read too much into that” and joked “we’re trying to keep the communique much shorter.”

He noted that the Federal Reserve and the Bank England were moving cautiously to reduce stimulus efforts as the U.S. and British economies improve. However, some critics have expressed concerns that there is a danger that central banks could move too quickly to reduce support before labor markets have completely recovered.