TRUJILLO, Peru, Nov. 6 (Xinhua) -- The 15th Finance Ministerial Meeting of the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' meeting ended here on Thursday, promising to coordinate their actions in dealing with the effects of the ongoing financial crisis.

    "We discussed extensively the turmoil on global financial markets from the perspective of both short-term immediate actions as well as longer term action for reform of the regulatory and institutional regimes for the world's financial sectors," said the joint ministerial statement issued after the meeting.

    "We strongly endorse the recommendations of the Financial Stability Forum (FSF) and the G7 Finance Ministers and Central Bank Governors Plan of Action and their subsequent support by the International Monetary and Financial Committee (IMFC) and the G20 special session. We welcome the measures taken by economies and international organizations to stabilize financial markets and ensure the smooth running of the real economy," the statement said.

    Participants to the ministerial meeting also recognized impacts of the current financial crisis on their economies and promised to collaborate.

    "The current financial turmoil affects all our economies. We pledge to work collaboratively and to coordinate actions. We support the critical role of the IMF (International Monetary Fund)in assisting economies in the international financial policy dialogues and look forward to the forthcoming Summit on Financial Markets and the World Economy on Nov. 15 2008."

    During the two-day-meeting, participants have also reviewed regional economic situation and discussed ways to improve the public expense based on results-based budgeting and also the reform of capital markets.

    Ministers, senior financial officials and representatives of international organizations gather on Nov. 5-6 in Trujillo for the15th Finance Ministerial Meeting of APEC forum.

Special Report: Global Financial Crisis