Finance officials from the world’s leading economies say global growth has fallen short of their expectations but remain confident that the global economic recovery will gain speed. The International Monetary Fund said in a report that a rising USA dollar, depreciating emerging markets currencies, and commodity prices all pose risks to economic growth.

In a strongly worded statement, a U.S. treasury spokesperson said Lew also noted that it was important for China to signal that it will allow market pressures to drive the yuan “up as well as down”.

On the issue of currency wars, they said: “We reiterate our commitment to move toward more market-determined exchange rate systems and exchange rate flexibility to reflect underlying fundamentals, and avoid persistent exchange rate misalignments”.

Reserve Bank’s Governor Raghuram Rajan will also participate in the meet to be held in Ankara, Turkey on September 4 and September 5.

“Many supported the measures that China took… the ministers were very tolerant”, Russian deputy finance minister, Sergei Storchak told a news briefing.

Joe Oliver, the current finance minister who’s running for re-election in the Toronto riding of Eglinton-Lawrence, has been criticized for being largely missing from the Conservative campaign trail – even as figures were released showing Canada dipped into a recession for the first half of this year.

Global finance leaders meeting in Ankara on Friday and Saturday sought details from Beijing officials about how China plans to calm turbulent markets and keep the world’s second-largest economy from stalling.

The minister highlighted that Canada’s economy grew strongly in June after several months of shrinking, the budget was on track for balance, exports have resumed their growth, consumer confidence was still there and what has become a robust US recovery was now helping Canadian manufacturing.

Currencies have come into sharp focus at the G20 meeting, after China devalued the yuan in a surprise move in August, sparking market turmoil.

The potential chilling impact of a new cycle of USA interest rate hikes fed uncertainty and concern ahead of the meeting of the Group of 20 top advanced and emerging economies. “It’s a call to everybody to accelerate”, Angel Gurria, secretary-general of the Organisation for Economic Cooperation and Development, said.

The G20 countries reaffirmed the role of macroeconomic and structural policies to achieve strong, sustainable and balanced growth. And the fund has pushed for more infrastructure investment as a way to boost global demand.