Russian President Dmitry Medvedev called on the International Monetary Fund to include the currencies of the leading emerging markets, known as BRICs, in the IMF's special drawing rights.Inaugurating annual World Economic Forum meeting at snow-white skiing resort in Davos ,Switzerland he also said the Russian government would refrain from imposing any new taxes on the financial sector to encourage the inflow of investments in the country.The BRICs are Brazil, Russia, India and China. The IMF has just completed a review of its global accounting unit and did not include any of their currencies in the basket of developed economy currencies used to calculate its value, mainly because the Chinese yuan is not convertible.About 2,500 global leaders, including 130 from India, are participating the five-day World Economic Forum meeting. The issues like Rising commodity prices, global economic risks and increasing unemployment will be discussed in the meeting . India, the second fastest expanding economy of the world after China, is fielding the biggest-ever delegation of 125 CEOs and senior ministers like Home Minister P Chidambaram , Commerce and Industry Minister Anand Sharma , Urban Development Minister Kamal Nath and Heavy Industries Minister Praful Patel. Besides, the leading lights of India Inc like Azim Premji of Wipro, Mukesh Ambani of Reliance Industries, Sunil Bharti Mittal of Bharti Enterprises, and Kiran Mazumdar Shaw of Biocon are being involved in discussing 'new economic reality', future of employment and making growth over-arching. Among 30 heads of government, the limelight is bound to be stolen by French President Nicolas Sarkozy, President of the Russian Federation Dmitry Medvedev, British Prime Minister David Cameron and South African President Jacob G Zuma.
News On AIR | January 27, 2011 9:38 AM
Medvedev calls for BRICs currencies in IMF’s special drawing rights