G-20 COMMUNIQUE 2 LST

In the backdrop of some countries opposing to high fuel
subsidies given by India and others, the communique welcomed
"the strategies and time-tables provided by many G-20 members
for rationalising and phasing out inefficient fossil fuel
subsidies that encourage wasteful consumption".
With many raising a question over high salaries of top
officials of financial sectors at a time of global financial
crisis, the communique also called for supervision and
regulation on compensation practices.
It also resolved to improve the functioning of commodity
markets with global prices tend to be too volatile. "We also
committed to improve the functioning and transparency of
commodities markets," the finance ministers said.
Continuing with their efforts to crack down on tax
havens and terror funding, the ministers resolved to improve
transparency in exchange of information between nations on
money laundering and tax related issues.
While welcoming the recent increase of voting power of
developing nations in the World Bank, the communique also
called for similar measures in the IMF so that reforms in the
multilateral agency could be completed by November.
"We called for an acceleration of the substantial work
still needed for the IMF to complete the quota reform by the
Seoul (G-20) summit (in November)," it said.
The ministers hailed the measures worldwide to increase
the availability of food products to the poor.
Later this month the summit of the grouping will take
place in Toronto, Canada. PTI IND
MYR


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