The world leaders are meeting in Washington on Saturday to discuss rescue measures for the current global downturn. Prime Minister Manmohan Singh, who left on Thursday night for the G20 meet, is ready with his prescription to tackle the global meltdown.He said, "Our message to G20 will be that they must do everything in their power to ensure that the process of development and millennium development goals are not adversely affected.
International financial institutions like the IMF and World Bank should be strengthened to ensure that the fallout on developing countries is minimal.The Prime Minister further added that since India wants a bigger say in multilateral agencies like IMF and the World Bank and in setting up a new international financial architecture, the IMF and multilateral financial institution need to be strengthened. He also stressed that in a coordinated approach towards monetary and fiscal policies, India plans to work in tandem with China, Brazil, Mexico and South Africa within the G20.
Finally, the Prime Minister pushed for special packages from the IMF and WB to fund India''s infrastructure projects. This, he said, will help India revive its growth momentum. India is certainly worried that the financial crisis is now affecting its real economy, threatening exports as well thousands of jobs in the private sector. However, most experts opine that although one meeting of the G20 countries cannot turn around the economy, it can show them the path to recovery.
International financial institutions like the IMF and World Bank should be strengthened to ensure that the fallout on developing countries is minimal.The Prime Minister further added that since India wants a bigger say in multilateral agencies like IMF and the World Bank and in setting up a new international financial architecture, the IMF and multilateral financial institution need to be strengthened. He also stressed that in a coordinated approach towards monetary and fiscal policies, India plans to work in tandem with China, Brazil, Mexico and South Africa within the G20.
Finally, the Prime Minister pushed for special packages from the IMF and WB to fund India''s infrastructure projects. This, he said, will help India revive its growth momentum. India is certainly worried that the financial crisis is now affecting its real economy, threatening exports as well thousands of jobs in the private sector. However, most experts opine that although one meeting of the G20 countries cannot turn around the economy, it can show them the path to recovery.
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