World leaders on Thursday agreed to “fight back” against the global recession with $1,100bn in funding for the International Monetary Fund, regional development banks and international trade finance, but did not commit themselves to a new round of fiscal stimulus.

“This is the day that the world came together, to fight back against the global recession,” Gordon Brown, UK prime minister and host of the London summit, told a news conference at the end of the G20 summit of leaders of advanced and emerging economies. “We will do what is necessary to restore growth [and save jobs].”