Garg: Co­or­di­nated ac­tion needed to min­imise spillover ef­fects of global risks

The Hindu Business Line - - NEWS -

Trade ten­sions and ris­ing oil prices are af­fect­ing emerg­ing na­tions and G-20 coun­tries should take co­or­di­nated ac­tion to min­imise the neg­a­tive spillover ef­fects of global risks on de­vel­op­ing economies, Eco­nomic Af­fairs Sec­re­tary Sub­hash Chan­dra Garg said.

Dur­ing his in­ter­ven­tion at G-20 Fi­nance Min­is­ters and Cen­tral Bank Gov­er­nors Meet­ing in Bali, In­done­sia on Oc­to­ber 11-12, Garg ap­pre­ci­ated the progress of work un­der the Ar­gen­tine Pres­i­dency on de­vel­op­ing in­fras­truc­ture as an as­set class, a Fi­nance Min­istry state­ment said.

Garg said risks re­lated to trade ten­sions, fi­nan­cial vul­ner­a­bil­i­ties and oil prices have ma­te­ri­alised and are hav­ing ma­jor im­pact on the Emerg­ing Mar­ket Economies.

The de­lib­er­a­tions in the G-20 meet­ing cen­tred on key risks fac­ing the global econ­omy, en­hanc­ing a re­silient in­ter­na­tional fi­nan­cial ar­chi­tec­ture, fi­nanc­ing in­fras­truc­ture devel­op­ment.

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