The G 20 Summit begins at the Pacific desert resort of Los Cabos, Mexico later this evening. The conclave is expected to call on member countries to increase contributions to the International Monetary Fund.

Leaders attending the summit heaved a sigh of relief as news trickled that Greek had voted for parties that supports the European Union and the IMF led bailout terms. The summit has been overshadowed by the debt crisis in the Eurozone and the meltdown in the global economy.

Cautioning leaders of the top industrialized nations and emerging economies,Prime Minister Dr Manmohan Singh said the world is in deep trouble and expressed the hope that the summit will come up with constructive proposals to get the world out of the crisis.

Dr Singh will begin his engagements in Los Cabos hosting a meet of BRICS leaders. The leaders of the five nations including Dr Manmohan singh , Brazilian President Dilma Rousseff, Russian President Vladimir Putin, Chinese Premier Wen Jiabao and South African President Jacob Zuma. will discuss the strategy to be adopted by the grouping in the summit.

AIR correspondent covering the summit reportrs that China’s vice finance minister Zhu Guangyao predicted the group would pledge at least $60 billion and thus boost the firewall up to the International Monetary

Prime Minister Dr Singh will have a series of bilateral meetings on the sidelines of the summit. He will be holding talks with Mexican President Felipe Caledron and German Chancellor Angela Merkel later today.