The meeting of 20 heads of government including the leaders of China, Brazil and Saudi Arabia, will cover a range of important issues including regulation, tighter controls and the role of banks in stimulating economic growth and lending.
'There's clearly going to be a substantial debate about the reforms we need to the international financial system and we wouldn't anticipate that debate to be concluded this weekend,' a Downing Street spokesman said.
'As the Americans and others have made clear, we would anticipate that the meeting at the weekend is the first in a series of meetings. It's important that we get these things right,' he added.
Analysts are hoping that lending in particular is addressed at the summit which starts on Friday. It is one of the major hurdles at present with even major international development companies unable to secure lending for future projects.
'Lending for commercial and office developments is practically non existent at the moment,' said one lawyer who works on contracts for a London firm.
UK and French retail specialist Hammerson is the latest to be affected. It announced that it will not be starting any major development for at least a year because of the global downturn.
The FTSE 100-listed company said it would continue taking schemes through the planning stage and seeking pre-lets, but that it would limit capital expenditure. This means developments such as the £800m Eastgate Quarter retail scheme in Leeds will not be started before the end of 2009.
'The unprecedented conditions in financial markets worldwide have had a major impact on real estate markets leading to caution on the part of occupiers and a sharp decline in investment activity,' said John Nelson, chairman at Hammerson.
Meanwhile some companies are managing to secure funding for developments. Oakdene Group has secured a £30m funding package with Royal Bank of Scotland to buy and redevelop the Montcalm Hotel in London's West End.
The Grade II listed hotel, close to Hyde Park, will be upgraded from a 4-star luxury hotel to a 135-bedroom luxury boutique hotel.
