US to host global finance ministers’ meet next week

April 14th, 2009 - 9:54 am ICT by IANS  

By Arun Kumar
Washington, April 14 (IANS) US Treasury Secretary Tim Geithner will host a meeting of finance ministers from the world’s 20 top economies including India next week to discuss plans to increase oversight of the global financial system.

The meeting of ministers of Group of 20 advanced economies will follow a smaller gathering of officials from the Group of 7 rich countries in Washington on April 24, the Treasury Department said Monday.

After a summit in London earlier this month, G-20 member nations had agreed to increase oversight of the global financial system and pledged more than $1 trillion to the International Monetary Fund (IMF) to help economies in need.

However, certain details of the plan remain unclear and next week’s meetings will likely involve discussion of, among other things, how much money individual members will commit to the IMF, CNN said citing analysts.

Next week’s meetings come one day ahead of annual spring meetings of the IMF and World Bank. It will be the first time Geithner has hosted a G-7 meeting since he became Treasury secretary earlier this year.

In addition to the United States, other G-7 members are Canada, France, Germany, Italy, Japan and the United Kingdom.

Besides India, the G-20 includes the G-7 members plus Argentina, Australia, Brazil, China, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey and the European Union.

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