In­dia, Rus­sia re­it­er­ate com­mit­ment to suc­cess­ful com­ple­tion of IMF

The Pak Banker - - Company & Boss News -

NEW DELHI: In­dia and Rus­sia on Tues­day wel­comed moves to re­form the World Bank and the In­ter­na­tional Mon­e­tary Fund (IMF), as agreed dur­ing the G-20 Sum­mit in Seoul. In a joint com­mu­niqui is­sued af­ter bi­lat­eral dis­cus­sions at Hyderabad House here, Prime Min­is­ter Man­mo­han Singh and Rus­sian Pres­i­dent Dmitry Medvedev re­it­er­ated their com­mit­ment to the com­ple­tion of the re­form of the In­ter­na­tional Mon­e­tary Fund, which will be a sig­nif­i­cant achieve­ment in the gen­eral re­form of the in­ter­na­tional fi­nan­cial ar­chi­tec­ture.

They also agreed that while a global eco­nomic re­cov­ery was dis­cernible, it re­mained frag­ile, and char­ac­ter­ized by wide dis­par­i­ties in the ex­pe­ri­ences of in­di­vid­ual coun­tries.

"To progress to­wards the shared goal of strong, sus­tain­able and bal­anced growth it is es­sen­tial for G20 coun­tries to fully im­ple­ment the Seoul Ac­tion Plan adopted at the re­cent G20 sum­mit," they said.

Em­pha­siz­ing that the SCO had emerged as an im­por­tant fac­tor for re­gional se­cu­rity and co­op­er­a­tion in the Eurasian re­gion, Pres­i­dent Medvedev wel­comed In­dia's in­ten­tion to join the or­gan­i­sa­tion as a full mem­ber, which he said would sig­nif­i­cantly in­crease the SCO's po­lit­i­cal weight and give a new qual­ity and di­men­sion to co­op­er­a­tion in this as­so­ci­a­tion. The Rus­sian Fed­er­a­tion also agreed to make ef­forts along with other SCO mem­bers to ac­cel­er­ate the process of In­dia's en­try into the or­gan­i­sa­tion.

In their dis­cus­sions on Asia, the In­dian and Pa­cific Ocean re­gions, both sides noted that the economies in the re­gions were in­creas­ingly be­com­ing the main driv­ers of global eco­nomic growth and pros­per­ity. In this re­gard, the sides agreed to con­sult fur­ther with each other.

They also noted that the mech­a­nism of the East Asia Sum­mits (EAS) pro­vides new op­por­tu­ni­ties for strate­gic di­a­logue on all as­pects of se­cu­rity and co­op­er­a­tion in the Asi­aPa­cific Re­gion. -PB News

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