London, April 2 (ANI): Indian Prime Minister Dr. Manmohan Singh’s suggestion to substantially increase the existing resources for the International Monetary Fund (IMF) found acceptance among the world leaders of the G-20 nations, as IMF emerged the biggest beneficiaries at the London summit on Thursday.
“The IMF has been one of the biggest beneficiaries of the G20 summit. The resources it has to help troubled economies will be increased to 500bn dollars,” stated a BBC report in the evening.
“An overdraft facility will also be increased to 250bn dollars (in the IMF''s currency, so-called Special Drawing Rights) that the world''s poorest countries can call on,” the report added.
Earlier, during the official dinner hosted by British Prime Minister Gordon Brown, the Indian Prime Minister Dr. Manmohan Singh had advocated 500 billion dollars for the IMF.
“We must declare our resolve to increase the resources available with the IMF substantially, by around 500 billion dollars over the next two years. This can be done initially through bilateral arrangements, an expansion of the NAB and other borrowing by the Fund. However, we should also signal that these are interim steps pending an increase in Fund quotas. The next quota review, normally due in 2013, should be advanced as much as possible, and we should aim at a doubling of IMF quotas at the very least,” Dr. Singh had stated at the dinner.
“We should also agree on a fresh allocation of SDRs (special drawing rights) of around 250 billion dollars. This would provide the developing countries with about 80 billion dollars of usable resources at a time when liquidity is exceptionally tight,” said Dr. Singh had added at the dinner. (ANI)
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Don't repeat past mistakes: PM tells leaders on protectionism
V S Chandrasekar
London, Apr 2 (PTI) As world leaders grapple with differences on how to overcome the economic crisis, Prime Minister Manmohan Singh has asked the industrialised nations not to "repeat past mistakes" of resorting to protectionism and favoured sharing information and bringing tax havens and non-cooperating jurisdictions under close scrutiny.
"An issue of vital concern to developing countries is the rise of protectionist sentiment in the industrialised world. This phenomenon is not surprising, given the downturn in economic activity and the rise in unemployment," Singh said in his remarks at the official dinner hosted by British Prime Minister Gordon Brown to leaders of the G-20 summit here last night.
"However, it will be a test of leadership whether we can persuade the public that we must not repeat past mistakes. We know that the Great Depression was as deep and prolonged as it was because countries resorted to protectionism which triggered protectionary responses, leading to a downward spiral," the Prime Minister said.
Asserting that the leaders of the developing countries have struggled to overcome the doubts and fears of their public to persuade them on the merits of integrating with the global economy, Singh said "these hard worn gains will be destroyed if industrial country markets are not not kept open in these difficult times." PTI
.::. All my articles can be view here: MELTED HEARTS .::.
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“The IMF has been one of the biggest beneficiaries of the G20 summit. The resources it has to help troubled economies will be increased to 500bn dollars,” stated a BBC report in the evening.
“An overdraft facility will also be increased to 250bn dollars (in the IMF''s currency, so-called Special Drawing Rights) that the world''s poorest countries can call on,” the report added.
Earlier, during the official dinner hosted by British Prime Minister Gordon Brown, the Indian Prime Minister Dr. Manmohan Singh had advocated 500 billion dollars for the IMF.
“We must declare our resolve to increase the resources available with the IMF substantially, by around 500 billion dollars over the next two years. This can be done initially through bilateral arrangements, an expansion of the NAB and other borrowing by the Fund. However, we should also signal that these are interim steps pending an increase in Fund quotas. The next quota review, normally due in 2013, should be advanced as much as possible, and we should aim at a doubling of IMF quotas at the very least,” Dr. Singh had stated at the dinner.
“We should also agree on a fresh allocation of SDRs (special drawing rights) of around 250 billion dollars. This would provide the developing countries with about 80 billion dollars of usable resources at a time when liquidity is exceptionally tight,” said Dr. Singh had added at the dinner. (ANI)
====================================
Don't repeat past mistakes: PM tells leaders on protectionism
V S Chandrasekar
London, Apr 2 (PTI) As world leaders grapple with differences on how to overcome the economic crisis, Prime Minister Manmohan Singh has asked the industrialised nations not to "repeat past mistakes" of resorting to protectionism and favoured sharing information and bringing tax havens and non-cooperating jurisdictions under close scrutiny.
"An issue of vital concern to developing countries is the rise of protectionist sentiment in the industrialised world. This phenomenon is not surprising, given the downturn in economic activity and the rise in unemployment," Singh said in his remarks at the official dinner hosted by British Prime Minister Gordon Brown to leaders of the G-20 summit here last night.
"However, it will be a test of leadership whether we can persuade the public that we must not repeat past mistakes. We know that the Great Depression was as deep and prolonged as it was because countries resorted to protectionism which triggered protectionary responses, leading to a downward spiral," the Prime Minister said.
Asserting that the leaders of the developing countries have struggled to overcome the doubts and fears of their public to persuade them on the merits of integrating with the global economy, Singh said "these hard worn gains will be destroyed if industrial country markets are not not kept open in these difficult times." PTI
.::. All my articles can be view here: MELTED HEARTS .::.
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