Global financial governance should give place for emerging economies: Indian envoy

September 26th, 2009 PITTSBURGH - Prime Minister Manmohan Singh concluded his engagements at the G20 Summit here with a clear victory for India and other emerging economies in getting a greater say in the affairs of the global financial system and its regulation. The prime minister also managed to convince the developed world that the time was not ripe to withdraw the stimulus packages aimed at helping countries - especially the developing and poor economies - overcome the worst economic crisis in eight decades.

September 25th, 2009 PITTSBURGH - Making a case for the developing countries at the G-20 summit here, Indian Prime Minister Dr. Manmohan Singh made a strong pitch for defending the stimulus measures, cautioning the G-20 countries from a premature exit.

September 24th, 2009 PITTSBURGH - Prime Minister Manmohan Singh arrived here Thursday for the G20 summit that will take stock of the state of the world economy following the year-long crisis and deliberate upon how to strengthen the global financial regulatory system. The summit is being hosted by President Barack Obama.

September 24th, 2009 G-20 taking on permanent coordinating rolePITTSBURGH — The Group of 20 nations will assume the role of a permanent council on global economic cooperation, the White House said Thursday. The Group of Eight major industrial nations will continue to meet on matters of common importance such as national security, but the role of board of directors for the global economy will be taken over by the larger G-20.

September 17th, 2009 LONDON - In a survey released by the British First Secretary of State, Lord Mandelson, British firms have been urged to enhance their efforts to seek out opportunities in emerging markets like India and China The survey, entitled Survive and Prosper, found that almost two-thirds of UK companies expect to earn more than 20 per cent of their revenues from these emerging markets within the next five years. "UK businesses should be strategic about their exports and plan for the long term.

September 5th, 2009 LONDON - The US has responded positively to a proposal to give India and other leading emerging economies a much greater say in the running of international financial architecture, a source privy to global ongoing discussions in London said. American Treasury Secretary Tim Geithner who attended the latter half of a meeting of the finance ministers of Brazil, Russia, India and China (BRIC) in London Friday was briefed on the BRIC demand for a seven percent shift in International Monetary Fund (IMF) quotas that determine a country's voting powers.

September 5th, 2009 LONDON - Finance ministers of the Group of 20 (G20) countries Saturday pledged to give India and other emerging economies a greater voice in the running of the International Monetary Fund (IMF) and other global financial institutions. In their final communiqu issued here after Sep 4-5 meetings of the group representing 80 percent of world GDP, the finance ministers pledged to implement reforms to the World Bank by Spring 2010 and the next IMF quota review by January 2011.

September 5th, 2009 LONDON - Major forces around the world have supported Indian Finance Minister Pranab Mukherjee's view that protectionism is a real threat to the global economy. "Emerging markets need to guard against tendencies in some developed countries to extend protectionism beyond trade to financial markets and investment," Mukherjee said in a press conference here on Friday evening.

September 2nd, 2009 China to buy $50 billion of first IMF bondsBEIJING — China has agreed to buy $50 billion of the International Monetary Fund's first bond issue in a move that will help to strengthen the body's lending ability and diversify Beijing's foreign holdings. The agreement announced Wednesday by the Washington-based IMF comes as the body tries to raise money to finance lending, especially to developing countries, to help economies weather the global downturn.

July 9th, 2009 L' AQUILA - Indian Foreign Secretary Shivshankar Menon on Wednesday said the Group of Five major developing economies meeting in Italy deliberated over the use of alternative currencies to settle trade among themselves. "There was some discussion at the use of alternate currencies, not so much as reserve currencies.

July 9th, 2009 L'AQUILA - Even as they jointly declared to conclude the Doha development round on trade talks by 2010, the world's most wealthy and industrialized countries or G8 Thursday agreed to the demands of the emerging economies (G5) to strengthen financial regulation and reform international financial and other institutions, including the United Nations (UN). "We are committed to seek an ambitious and balanced conclusion to the Doha Development Round in 2010, consistent with its mandate, building on the progress already made, including with regard to modalities," the joint declaration said here.

July 2nd, 2009 WASHINGTON - The International Monetary Fund (IMF) said Wednesday it will issue bonds for the first time in its 60-year history in an effort to win contributions from emerging economies like China, Brazil and Russia. The new money-making scheme comes as the IMF has dramatically boosted its role as an emergency lender during the global financial crisis, which has tipped the world into its first recession since World War II.

June 29th, 2009 China's Hu to attend G8 meeting in ItalyBEIJING — Chinese President Hu Jintao will attend next month's meeting in Italy between leaders of the Group of Eight nations and those of emerging economies, the Foreign Ministry said Monday. Hu will attend the July 8-10 meeting in Trieste, Italy, at the invitation of Prime Minister Silvio Berlusconi, it said in a statement.

June 16th, 2009 YEKATERINBURG - Leaders of Brazil, Russia, India and China (BRIC) Tuesday ended their first summit with a vigorous call seeking greater voice for emerging economies to create a more democratic world order and a bold agenda for mitigating the financial meltdown. Russian President Dmitry Medvedev, Indian Prime Minister Manmohan Singh, Chinese President Hu Jintao and Brazil's President Lula da Silva discussed a host of global issues, including the financial crisis, food and energy security, climate change and international terrorism.

April 26th, 2009 World Bank: Nations should speed aid to poorWASHINGTON — The World Bank on Sunday urged donor nations to speed up delivery of the money they've already pledged — and to give even more — to help poor countries weather the steep global recession. The bank said developing countries face especially serious consequences as the financial and economic crisis turns into what it described as a "human and development calamity." In a communique, the World Bank's policy steering committee said the crisis has already driven more than 50 million people into extreme poverty, particularly women and children.