March 15 (Bloomberg) -- Australian Treasurer Wayne Swan comments on a meeting of the finance chiefs from the world’s biggest developed and emerging economies. Swan spoke in an interview with the Australian Broadcasting Corp.

“The economic outlook is pretty grim and that’s why it was so encouraging to see 20 of the largest economies in the world come together, put aside differences and resolve to support a set of very responsible measures which will help support growth and demand,

“Everybody agreed: It’s fiscal stimulus plus. We’ve got to do something about the flow of credit in the financial system; we’ve got to reform our international financial institutions.”

On Financial Regulation, IMF:

The Group of 20 reached “very substantial agreement on the future of regulation in the international financial system, something that simply wouldn’t have been possible a few short months ago.”

Leaders also agreed to “significant reform” of the International Monetary Fund, including a timetable to increase the representation of developing nations, Swan told ABC.

G-20 members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the U.S., the U.K. and the European Union. Officials from Spain and the Netherlands will also be present.

To contact the reporters on this story: To contact the reporter on this story: Candice Zachariahs in Sydney at czachariahs2@bloomberg.net

Last Updated: March 14, 2009 20:58 EDT