February 23, 2014 8:43 PM

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G-20 addresses India's concern over impact of monetary easing by US Fed: Chidambaram

Finance Minister P Chidambaram has said that India's concerns with regard to US tapering, IMF quota reforms have been addressed in the G-20 communique.He said, India is satisfied with the outcome of the two-day meet in Sydney.Chidambaram was speaking to a news agency after conclusion of the G-20 Finance Ministers and Central Bank Governors meet.Chidambaram said, India's concerns with regard to withdrawal of US stimulus and the need to expedite IMF quota reforms have been taken on board by the group of rich and developing nations.He said, India had expressed concern over impact of monetary easing by the US Federal Reserve on the developing countries.The US Fed's tapering has caused flight of capital out of emerging economies and in turn hammering their currencies.Chidambaram also emphasized the need to expedite the IMF quota reforms which seeks to give greater say to emerging economies in the multilateral lending body.The G20 conference took place in the backdrop of IMF projecting acceleration of global growth to 4 per cent next year from 3.7 per cent in 2013.A communique, released at the end of the conference decided to work towards lifting their collective GDP by more than two per cent over the next five years and exhorted the United States to go ahead with the IMF quota reforms.

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