G20 pledges to implement IMF reforms, fight protectionism (Night Lead)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.
BRIC nations demand greater say in global financial system (Roundup)September 5th, 2009 LONDON - India, China, Russia and Brazil have opposed protectionism, while demanding greater say in the global financial architecture and equitable voting rights for emerging economies in institutions like the International Monetary Fund and the World Bank. "Protectionism remains a real threat to the global economy and should be avoided, both in direct and indirect forms," said a communiqu by the four countries, collectively referred to as BRIC economies.
France, Brazil back Manmohan Singh's call for UN reformJuly 8th, 2009 LONDON - France and Brazil have backed India's call for the UN Security Council to be expanded as their leaders prepare to attend the G8-G5 meetings in Italy this week. "To be effective, the (Security) Council has to reflect current realities, notably by granting a greater role to the big developing countries of each region like Brazil and India and a fairer representation for Africa and the big contributors to the UN system like Japan and Germany," French President Nicolas Sarkozy and his Brazilian counterpart Lula da Silva said in a joint article published in the French daily Liberation Tuesday.
Anand Sharma, Mandelson agree on need to resume WTO talksJune 23rd, 2009 LONDON - Indian Commerce and Industry Minister Anand Sharma and his British counterpart Lord Peter Mandelson have agreed on the need for an early resumption of stalled global trade talks, Indian sources said Tuesday. Sharma, who spent a day in London Monday, met with Business Secretary Mandelson for their first meeting since taking over the new portfolio in last month's cabinet reshuffle in New Delhi.
BRIC has potential to lead economic growth: PMJune 15th, 2009 NEW DELHI - Global economic recovery was closely linked to the success of the economies of the four BRIC countries (Brazil, Russia, India and China), Prime Minister Manmohan Singh said Monday before leaving for the Russian city of Yekaterinburg to attend a summit of the grouping. Stressing that the four countries would play a crucial part in overcoming the ongoing economic slowdown, the prime minister said: The countries of Brazil, Russia, India and China (BRIC) together account for 40 percent of the world's population and 40 percent of global GDP.
MPs urge wealthy nations to stand and deliver on climate changeJune 12th, 2009 LONDON - One hundred senior legislators from around the globe meeting in Rome Friday called on the world's wealthiest eight countries to transfer up to $140 billion per year to developing countries while "laying their cards on the table" to help fight climate change. The legislators, including five from India, said it was imperative for the Group of Eight (G8) countries to state exactly how much of their individual carbon emissions they intended to cut well before world leaders meet in Copenhagen in December to agree upon a final climate change strategy.
British anti-poverty company criticised for high salary, India focusApril 30th, 2009 LONDON - MPs have attacked the million-pound-a-year salary taken by the head of a British government company that fights poverty in India and other developing countries. The salary of CDC Group chief executive Richard Laing rose from 383,000 pounds in 2003 to 970,000 pounds in 2007, the British parliament's Public Accounts Committee found.
World Bank to hasten reforms to give more voice to developing worldApril 27th, 2009 WASHINGTON - The World Bank has agreed to accelerate reforms by its spring meeting in 2010 to give more voice to developing countries as demanded by India and other emerging economies. Urging donor nations to speed up delivery of pledged funds to help poor countries reeling from recessions rooted in rich nations, it said the economic nosedive is turning into a human and development 'calamity,' which already has driven more than 50 million people into extreme poverty this year.
India is part of the solution, not part of the problemApril 2nd, 2009 LONDON - There seems to be a bit of a martyr act being played out by emerging economies as they lay the blame squarely on the rich nations for the cesspool of a financial crisis that the world finds itself in. Complaining about protectionism by the original G-7 nations which include the US, Britain, Canada, France, Germany, Italy and Japan, the group of developing economies who joined this elite grouping at a later stage are now telling these nations to get their house in order, stop protectionism whether financial or in capital goods flow.
Manmohan Singh had a 'powerful presence' at G20: Lord MandelsonApril 2nd, 2009 LONDON - Prime Minister Manmohan Singh had a quiet but 'powerful' presence at the Group of 20 (G20) summit of world leaders Thursday, British Secretary of State for Business Lord Peter Mandelson said. 'He has such a presence, and he is so widely respected,' Mandelson told IANS.
All eyes on Manmohan Singh at G20 summitApril 1st, 2009 LONDON - Prime Minister Manmohan Singh, the soft-spoken economist who leads the world's loudest and largest democracy, will be much in demand at a gathering of the world leaders here Thursday. With degrees from Oxford and Cambridge universities and an enviable track record as Reserve Bank of India governor and finance minister, Manmohan Singh is expected to argue for the reform of the International Monetary Fund (IMF) and caution the world's richer nations against adopting protectionist policies.
India will emerge more economically powerful than China: PMApril 1st, 2009 LONDON - The Prime Minister, Dr. Manmohan Singh, has said that India would emerge a more successful country from an economic perspective in the long run in comparison to China.
India hopes reality will override differences at G20 summitApril 1st, 2009 LONDON - Acknowledging some serious differences among G20 members on how the world should tackle the worst economic crisis in decades, India hopes the urgent need to address the issue will force that elusive consensus. Ahead of the G20 summit here Thursday, being attended by Prime Minister Manmohan Singh, Indian officials said there remained major differences, notably between Europe and the US as well as between the developed and the rich nations on some key issues.
G20 must take trade finance initiative: European Commission PresidentMarch 17th, 2009 LONDON - European Commission President Jose Manual Barroso Monday called for a global push on trade finance after a meeting with British Prime Minister Gordon Brown here. 'The voice of developing countries must be heard also in the G20 process....
Indian officials join meeting as US calls for $500 bn IMF pushMarch 13th, 2009 LONDON - Officials from India and other Group of 20 (G20) countries began meeting Thursday amid a call by the US Treasury Secretary to increase the IMF's borrowing pot by a massive $500 billion to help developing countries cope with the fallout of the global financial crisis. Finance Secretary Ashok Chawla, Alok Sheel, joint secretary in the Department of Economic Affairs, and Reserve Bank of India Deputy Governor Rakesh Mohan joined officials and central bankers from around the world ahead of an April 2 summit of G20 leaders who will declare an action plan to combat the financial crisis.
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