The Prime Minister has urged G-20 countries to avoid competitive devaluation of currencies at all cost and resists any resurgence of protectionism. In his address, at the plenary session of the G-20 Summit in Seoul this morning, Dr. Manmohan Singh said that advance deficit countries must follow policy of fiscal consolidation. He said, this should be consistent with their individual circumstances to ensure debt sustainability over the medium term. Dr. Singh said, while structural reforms are necessary, these should increase the efficiency and competitiveness in deficit countries while expanding internal demand in surplus countries. The Prime Minister said, though this re-balancing will take time but it must begin. He said, exchange rate flexibility is an important instrument for achieving a sustainable current account position and the policies must reflect this consideration. He said, recycling surplus savings into investment in developing countries will not only address the immediate demand imbalance but it will also help to address developmental imbalances. He expressed confidence that G-20 will be able to translate the rich agenda before the summit into tangible outcome under the forthcoming Presidency of France.