PM 3

Another important area India would concentrate on is
the reform of the international financial institutions and a
continuous increase in the capital base of multilateral
development banks to finance the massive infrastructure needs
of emerging markets.

The expansion and strengthening of the erstwhile
Financial Stability Forum and now now the Fianancial Stability
Board and the Basel Committee on Banking Supervision was a
step in the right direction to address the regulatory aspects,
feels India. It wants process of governance reform of
international financial institutions to further give greater
voice and representation to under-represented countries.

India feels G-20 process is a continuing one and it is
in its interest to ensure that it succeeds both in its short
term and long term objectives. It feels that the global
economy and financial markets have shown a distinct
improvement since last years global meltdonw but still it was
not not out of the woods.

The Pittsburgh Summit is expected to focus on medium
and long term issues such as a framework for sustainable and
balanced grwoth, strengthening the international financial
regulatory system, reforming the mandate mission and
governance of the IMF and development banks, strengthening
suppor t for the most vulnerable, an open global economy and
energy and climate change. (MORE) PTI