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India At G20 Shows...

BW Online Bureau Nov 08, 2014

<?xml version="1.0" encoding="UTF-8"?><root available-locales="en_US," default-locale="en_US"><static-content language-id="en_US"><![CDATA[Acknowledging that the global economic slowdown will adversely affect India, Prime Minister Manmohan Singh today said he would press for a bigger role for developing countries in the international financial management at the G-20 Summit in the US on Saturday. As he left for Washington, Singh said the "protectionist tendencies" of the developed world needed to end and the international financial bodies like the International Monetary Fund (IMF) and the World Bank strengthened to ensure that the fallout of the global crisis on developing nations is "minimal". Contending that India, as a major developing economy, has a vital stake in the stability of the international economic and financial system, Singh said he expected the meeting of the important world leaders to come up with corrective measures in the wake of the recent crisis. "Therefore, our message to the G-20 will be that they must do everything in their power (to ensure) that the process of development, particularly with regard to the implementation of MDGs by the developing countries, is not adversely affected by the global economic crisis. "I will put forward our views on the need for greater inclusivity in the international financial system, the need to ensure that the growth prospects of the developing countries do not suffer, and the need to avoid protectionist tendencies," he said in his departure statement. White House Hopes G-20 Will Arrive At Agreement Reaffirming its commitment to market principles and liberalisation, the US today said that it expects a "thorough" discussion on the financial crisis and hoped world leaders will arrive at an agreement on reforms to stabilise the global markets when they meet in Washington this weekend. "This will be the first step that the G-20 has met at leader level. We expect a thorough discussion, of causes, of actions, near-term actions to be taken, longer-term actions to be considered, and, importantly, agreement on fundamental principles for reform. "So I would say we are expecting an important and vigorous discussion with some quite concrete results," Special Assistant to US President for International Economic Affairs Dan Price told reporters. "This is the first in a series and there will be further meetings, not only to review the decisions that may be taken at this meeting, but also to follow up and receive recommendations on areas where further work has been tasked," Price said. The meeting of the G20 countries which include US, UK, China, Japan, Australia and India was called by US President George W Bush to discuss issues concerning the global financial crisis which has resulted in failure of many financial entities across US and Europe and has sent the global capital markets tumbling. (Agencies)