Washington - Members of the International Monetary Fund on Saturday "strongly endorsed" a promise by the world's advanced economies to do all they could to curb the ongoing financial crisis and restore confidence in global markets.

The IMF's top committee, which speaks for all 185 member countries, pushed for more coordination with developing countries that are beginning to feel the effects of the global credit crunch.

Tackling the crisis requires "exceptional vigilance, coordination and readiness to take bold action," a statement from the International Monetary and Financial Committee read.

Finance ministers and central bank heads from the Group of Seven (G7) industrial nations met Friday, promising to use "all necessary tools" to stabilize the financial system.

Global stock markets suffered record declines over the last week. All eyes will be on the reaction of investors at Monday's market openings in Asia and Europe.

IMF Managing Director Dominique Strauss-Kahn said that Saturday's endorsement of the G7's action plan marked the "first big success of coordination" on an international level.

He pointed to the G7's commitment to keep "important financial institutions" in their countries afloat and said he expected the moves would help unblock credit confidence and boost market confidence.

Strauss-Kahn said that the IMF was ready to make emergency money available to developing countries with critical budget shortfalls. (dpa)