Manmohan Singh calls for G20 ‘umpire’April 1st, 2009 - 5:55 pm ICT by IANS
London, April 1 (IANS) Prime Minister Manmohan Singh has said there is a need for an international “umpire” to ensure that rich nations are fulfilling their pledges.
The International Monetary Fund (IMF) needs a new monitoring body - an “expert crew” - to ensure that any stimulus packages agreed by the Group of 20 (G20) leaders meeting in London are “sustained and maintained” next year.
He told the Financial Times in an interview published Wednesday that such a body could be inside or outside the IMF and would ensure that each country “is doing its bit”.
The prime minister’s comments come amid a transatlantic spat over the need for a fiscal stimulus.
The US and Britain say the G20 summit Thursday must agree on a fiscal stimulus package, but France and Germany have opposed it, saying they want a tighter regulation of financial markets instead of bailout packages.
French President Nicolas Sarkozy said Wednesday, “I will not associate myself with a summit that would end with a communique made of false compromises that would not tackle the issues that concern us.”
“As of today, there is no firm agreement in place. The conversation is going forward, there are projects on the table. As things stand at the moment, these projects do not suit France or Germany,” Sarkozy added.
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