LONDON (AFP) - G20 leaders made major progress in reforming a failed regulatory system for global finance which had endangered the worlds prosperity, US President Barack Obama said after their summit Thursday. Meanwhile, non-governmental organisations welcomed the G20 summit outcome Thursday but said much more needed to be done to rescue poor countries from the worst of the crisis. World leaders meeting in London agreed to a raft of measures to combat the global financial downturn, pledging to spend five trillion dollars by the end of 2010. The measures would see the sale of gold reserves to help poor countries, a new push to pass free trade rules, major reforms to the International Monetary Fund and World Bank, secretive tax havens named and shamed, and new rules on corporate pay. This G20 summit delivers a vital pick-me-up for poor countries struggling to survive the economic crisis but much more is needed to ensure their long-term recovery, said Oxfam spokesman Duncan Green. We welcome the 1.1 trillion dollars for global economic recovery. But we must ensure that poor countries get their fair share that Uganda benefits as well as Ukraine. We hope that the old world of G8 meetings where developing countries were just invited for a photo opportunity is dead. Poverty campaigner Bob Geldof also offered a mixed reaction, noting the worlds poor have finally been brought in from the margins to the centre of the decision-making process. But, he added: A key question the African delegation is asking is whether this will be real new money for their countries, and will it be grants or expensive loans? In this perhaps obscure but critical difference lies the economic health of the continent of Africa and of its people and by extension our own, he said. For its part, Greenpeace said the G20 had missed a chance to secure long-term environmental improvements, saying there were just vague aspirations. Long-term economic recovery is dependent on tackling climate change, said Greenpeace UKs executive director John Sauven. A full-blown climate crisis raises the prospect of mass migration, mass starvation and mass extinctions. It will make poverty permanent in the developing world and strangle growth in the developed. Save the Children said the summit offered a ray of hope for the worlds poorest children but stressed that the G20 pledges meant nothing without action. Poorer nations have been hit harder than anyone else in this financial meltdown, said their campaigns director Adrian Lovett. We are in the middle of an exceptional crisis and exceptional action is needed to deal with it. Meanwhile, G20 leaders will meet again in New York in September, around the time of the United Nations General Assembly, French President Nicolas Sarkozy said on Thursday after a summit in London. We have decided... that the third G20 summit will take place during or after the United Nations General Assembly in September in New York, Sarkozy told a press conference. Sarkozy said the third G20 which follows a summit in Washington in November last year and Thursdays meeting would focus on evaluation and that the process should continue as the crisis economic goes on. His comments came as South African President Kgalema Motlanthe warned that there would be a higher frequency of meetings like the G20 to see how the decisions taken affect the world economy. We are all concerned about the fact that the bottom of this crisis is not visible yet and therefore are aware and alive to the fact that these decisive, courageous steps that have been taken... may not be adequate to address the full impact of this crisis, Motlanthe told reporters at the summit. You will see a higher frequency of meetings because we will need to monitor the impact of the interventions and ensure that we overcome this crisis within the shortest possible time. The general debate of the UN General Assembly, which brings together world leaders every year, is scheduled for September 23-30.