The Group of Eight will not be replaced by the Group of 20, Canadian Prime Minister Stephen Harper said here on Saturday.

At the closing of G8 summit, Harper said G20 has done a magnificent job in dealing with the financial crisis, but it has limits, and that G8 will remain "equally vital."

"It is central that the G8 keep its promises going forward. This is essential to the credibility and effectiveness of this forum as an organization," he said. "The G8 has been reshaped and re-energized."

The Muskoka Declaration, issued by the G8, said the G8 has demonstrated the capacity to design credible approaches to meet the challenges of our times.

"For over thirty years, it has shown that its collective will can be a powerful catalyst for sustainable change and progress," the declaration said. The one-and-a-half-day G8 summit concluded around noon on Saturday, and will be followed immediately by the G20 summit in Toronto on Saturday afternoon.