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Manmohan Singh leaves for US to attend G-20 summit | Prime Minister Dr. Manmohan Singh here today left for USA to attend Summit of G-20 leaders. In his departure statement, Dr. Singh said, "This is the third Summit of the G-20 leaders in less than a year. This reflects the seriousness, which the G-20 countries
attach not just to the recovery of the global economy and financial system, but
to a recovery that is coordinated, sustainable and enduring. "The Summits in Washington
and London were convened at the height of the global economic crisis, and therefore
focused on the urgent and the immediate. The London Summit resulted in ambitious
liquidity stimulus measures and growth packages. Importantly, it pledged to mobilize
USD 1.1 trillion of resources for international financial institutions, largely
to sustain growth in emerging markets," he added. "The steps taken by the G-20
to augment the resources of multilateral development banks have led to substantial
stepping up of the World Bank lending to India," he said. He said the global economy
and financial markets have shown a distinct improvement since then, but we are
still not out of the woods. Even though our economic growth rate has slowed to
6.7 percent in 2008-09, India approaches the Pittsburgh Summit with a sense of
confidence. Our growth is primarily driven by domestic demand, our savings rate
is robust and the external sector has exhibited resilience," he added. Dr Singh
further said that the Pittsburgh Summit is expected to focus on medium and long-term
issues such as a framework for sustainable and balanced growth, strengthening
the international financial regulatory system, reforming the mandate mission and
governance of the IMF and development banks, strengthening support for the most
vulnerable, an open global economy and energy and climate change. "It is necessary
for India to engage in the management of the world economy because we have a lot
at stake, and a lot to contribute," he said. "The expansion and strengthening
of the erstwhile the Financial Stability Forum, and now the Financial Stability
Board, and the Basel Committee on the Banking Supervision was a step in the right
direction to address the regulatory aspects. There is a need to carry the process
of governance reform of international financial institutions further to give greater
voice and representation to under-represented countries," he added. He said the
G-20 process is a continuing one and it is in our interest to ensure that it succeeds
both in its short term and long term objectives. The Prime Minister will arrive
in Pittsburgh on Thursday where he will attend a reception and dinner by US President
Barack Obama on the same day. The next day, there will be a summit plenary and
a lunch, which will be attended by world leaders. He will leave Pittsburgh on
September 25. Dr Singh will also be interacting with other heads of government
and hold bilateral meeting with some of them. |
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