Manmohan Singh to ask G-20 to protect developing economies

November 13th, 2008 - 9:42 pm ICT by ANI  

New Delhi, Nov 13 (ANI): Prime Minister Dr. Manmohan Singh said on Thursday that G-20 would be urged to protect the developing economies from the effects of global recession.

Emerging economies of the G20 are expected to demand a greater say in global financial decision-making at their summit with industrialised nations after the crisis put major nations on the verge of recession.

Dr. Singh, who left on Thursday for this weekend’’s summit, said India would push for greater inclusivity in the international financial system and emphasise the need to ensure growth prospects of the developing countries do not suffer.

Speaking at the concluding session of the BIMSTEC summit in New Delhi, Singh said, Our message to the G-20 will be that they must do everything in their power so that the process of development particularly, with regards to the implementation of millennium development goals by the developing countries is not adversely affected by the global economic crisis.

Policy makers are struggling to fend off damage to the economy from the global credit crisis and have taken a number of measures, including rate cuts, to protect growth in Asia’’s third-largest economy.

Singh also said that despite being affected by the economic crisis, the financial institutions in the BIMSTEC region were safe.

It originated in the United States and in Europe. We are affected though relatively less than the banking and financial sector of the developed countries. Our countries” banks are relatively well regulated, they have adequate capital ratio, capital asset ratio, and therefore there is no danger to the health of the financial system in the BIMSTEC region, said Singh.

Prime Minister Singh also had from the Summit leaders, views for the region’’s economies to tackle the crisis.

He has already called for shock facilities from the World Bank and the International Monetary Fund (IMF) to help the affected countries more quickly and in larger amounts with less service conditionalities and greater flexibility.

BIMSTEC is an international organisation, involving a group of seven countries in South Asia and South East Asia.

In 1999 six areas of cooperation were outlined. The areas of cooperation were increased to 13 in 2006. (ANI)

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