Three points, PM underlines to discuss at G-20

Prime Minister Manmohan Singh has underlined three points that he will discuss at the Summit on Financial Markets and the World Economy being held in Washington on November 14 and 15.

The need for greater inclusivity in the international financial system, the need to ensure that developing country’s growth prospects do not suffer, and the need to avoid protectionist tendencies — are the three key points that Dr. Singh hinted to highlight before leaving for the US capital Thursday evening to attend the G-20 Summit among leaders of rich and developing nations to find ways that could reverse the current global economic slowdown and prevent future recurrence of such events.

“The Summit is an opportunity for us to exchange views with other leaders on the reasons behind the recent developments and to consider what measures can or need to be taken by the international community to arrest the negative fallout,” he said.

The prime minister is accompanied by Finance Minister P. Chidambaram, Planning Commission Deputy Chairman Montek Singh Ahluwalia and Economic Affairs Secretary Ashok Chawla, among others.

The leaders of G20, that includes those of G7 industrial nations and emerging economies like India, are gathering to develop a common approach to fighting the current unprecedented global economic crisis, triggered initially by the sub-prime mortgage meltdown in the US.

International Monetary Fund (IMF) Director General Dominique Strauss-Kahn, World Bank President Robert Zoellick, UN Secretary General Ban Ki-moon, and the chairman of the Financial Stability Forum (FSF), Mario Draghi will also participate in the Summit, called by the US President George Bush.

“International institutions- the IMF and the World Bank and regional development banks should be strengthened to ensure the fallout on the developing countries of the global crisis is minimal,” Singh said.

The financial crisis that had emanated in the United States and Europe has been gradually spreading outside, the Prime Minister said, he will forward his viewpoint to the G-20 that they must take such steps so that the process of development is not adversely affected by the global financial crisis.