September 26, 2009 10:40 AM

printer

No withdrawal of stimulus package, decides G-20

The G-20 Summit held at Pitsburgh has decided not to withdraw the global stimulus package for revival of the world economy hit by worst crisis since the Great Depression and to broad base the IMF by raising the voting rights of countries like India.Earlier, Prime Minister Dr Manmohan Singh has called upon the G-20 nations to plan for an orderly withdrawal of stimulus packages at an appropriate time and this is not the right time to do so. Addressing the Plenary session of the G-20 in Pittsburgh last night, he urged nations to make a commitment against any premature withdrawal of the stimulus packages. The Prime Minister pointed out that the global economy may be bottoming out but is expected to reach 3 per cent growth only by 2010.In a statement issued at the end of the summit attended by leaders of developed countries and major emerging economies, including India, the G-20 leaders said they reviewed the progress we have made since the London Summit in April.The Summit also designated the G-20 to be the premier forum for international economic cooperation.The grouping of developed and developing nations also said they are committed to a shift in International Monetary Fund (IMF) quota share to dynamic emerging markets and developing countries of at least 5 per cent from over-represented countries to under-represented countries using the current quota formula as the basis to work from. The G-20 countries said they will fight protectionism and that they are committed to bringing the Doha Round to a successful conclusion in 2010. They also said they will spare no effort to reach agreement in Copenhagen through the United Nations Framework Convention on Climate Change negotiations.

Most Read
View All arrow-right

No posts found.