By David Schepp BBC News Online North America business reporter in Washington

World finance officials gathered in Washington have called for more action and less discussion on policies and programmes to alleviate poverty among the world's poor.

"We know enough for implementation now," said World Bank president James Wolfensohn, during opening ceremonies for the annual meetings of the World Bank and the International Monetary Fund (IMF).

"Together we have set 2015 as the deadline for our results," he said.

"We must now together move beyond words and set deadlines for our actions."

The IMF, the World Bank and other international finance organisations seek to achieve the United Nations Millennium Development goals.

They include halving poverty, providing universal education for all the world's children and reducing child mortality, among other items.

Economic health

In addition to development with poor countries, recent meetings of world finance officials have also focused on the state of the world economy.

Ministers have been nearly universal in their assessment that the recovery is progressing slowly even as questions about its vigour and momentum linger.

The most immediate need is to strengthen the global economy, said IMF managing director Horst Koehler, in addressing delegates to the annual meetings.

"There are clearly risks and uncertainties," he said. "But we should be aware of undue pessimism."

Mr Koehler said given the current state of world's economies, monetary policy should be the first line of defence if signs of economic weakness re-emerge.

He sought to reassure delegates that the reforms undertaken by the IMF during his two-year tenure continue with more on the way.

World bankruptcy court

The reforms come in response to harsh criticism that IMF policies have been too rigid and have driven some developing countries further into poverty under a pile of debt.

In addressing the failure of such schemes leading policymakers agreed on Saturday to speed efforts to develop a "sovereign bankruptcy" procedure for countries in debt crises.

The plan, which the IMF is to debut in April, would in essence set up a international bankruptcy court to deal with countries who default on loans.

Such a programme, pushed by IMF deputy managing director Anne Krueger, would allow countries to suspend debt payments amid economic upheaval, such as the one recently witnessed in Argentina.

The Krueger proposal remains a hotly debated issue. Members of the business and banking community have warned financiers would be less likely to make loans to countries with risky credit profiles.

IMF officials said, however, declaring bankruptcy would be used only as a last resort.

Suppressed protests

The Washington meetings have been greeted with numerous demonstrations as have most meetings of finance ministers and world-trade officials in recent years.

Saturday's protests while larger in number than the previous day were mostly peaceful, with the streets of the US capital in the vicinity of the IMF and World Bank displaying a carnival-like air.

Activists had planned to encircle the IMF and World Bank buildings, restricting movement of the delegates.

But a massive police force made it clear violent protest would not be tolerated and kept protestors at some distance.

Security concerns in the aftermath of the 11 September attacks on the US have caused the IMF and World Bank to abbreviate its meetings.

This year's annual meeting marks a return to Washington after the last meetings decamped to Ottawa following the terrorist acts.