FM Expects G-20 Will Play Major Role in Recovery of Global Financial Crisis

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INVC,,
Busan, South Korea,,
Finance Minister, Shri Pranab Mukherjee had a fruitful and positive bilateral meeting with Mr. Il Sakong, Chairman of the Presidential Committee for G-20 Meeting today in Busan, South Korea on the sidelines of the G-20 Finance Ministers Meeting being held here from 3rd June to 5th June. Both the leaders emphasized that focus of G-20 Meet on all round compressive development will continue despite debt crisis and other financial problems being faced by various developed economies.

The Finance Minister also said that India is not in favour of posing any tax on banks rather it is in favour of regulatory mechanism as being followed by Indian banks. Both the leaders hoped that crisis in Europe will be discussed in the G-20 Finance Ministers meet and that comprehensive package being prepared will be sufficient to contain any further extension of damage. They also said that the G-20 will be able to play a major role in recovery of various countries’ financial crisis and it will reflect change in balance of power. This is all the more relevant as various advanced and developed economies have failed to resolve their financial problems on their own.

Finance Minister, Shri Mukherjee is scheduled to attend four nations BRICK meeting today later in the evening before participating in the G-20 Finance Ministers Meeting.

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