Manmohan Singh heads for Cannes Wednesday for G20 Summit

November 1st, 2011 - 12:53 pm ICT by IANS  

Manmohan Singh New Delhi, Nov 1 (IANS) Prime Minister Manmohan Singh heads for Cannes in the French Riviera Wednesday for the 6th G20 Summit where the focus of the leaders is expected to be on how to resolve the sovereign debt crisis in Europe.

The two-day summit Thursday-Friday is also expected to take stock on the progress so far on other matters discussed earlier, like mutual assessment of the fiscal policies of member nations and reform of World Bank and International Monetary Fund, officials said.

Like in the past five summits held in Washington, London, Pittsburgh, Toronto and Seoul, Planning Commission Deputy Chairman Montek Singh Ahluwalia will be the prime minister’s sherpa, or chief interlocutor, during the meeting.

The prime minister returns Saturday.

The G20, originally formed at the level of finance ministers and central bank governors in 1999 after the East Asian economic crisis, assumed significance after its elevation to a summit-level forum in 2008, following the global financial crisis.

Besides India and host France, the G20 comprises Brazil, US, Canada, China, Argentina, Australia, South Korea, Germany, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey, Britain, and the European Union.

These members account for 80 percent of the global gross domestic product and two-thirds of the world population.

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