G20-LD PM 2LST

In the financial sector, the Prime Minister said, the
Summit should build on the process of International Monetary
Fund reform on which good progress was made last month at the
G-20 Finance Ministers meeting with an agreement on shifts in
quota shares, including in favour of India, while protecting
the vote share of the poorest.
He said the Summit will also look at issues of
regulatory reforms of the financial sector and consider the
new Basel-III norms.
"This is a key area of work, and we must guard against
complacency in the pursuit of a strong financial regulatory
framework and effective supervision," he added.
Singh said the world economy was on the path of
recovery but nations should keep their focus on how to
optimise global outcomes in an increasingly interdependent
world.
"As the Indian economy moves to a higher growth path,
and opens to the world, our stake in a stable, inclusive and
representative global economic and financial system will only
grow," he said.
Noting that this is the second G-20 Summit this year,
the Prime Minister said this reflected the high expectations
the world has from the G-20 in moving beyond the immediate
crisis that the world faced in 2008 to ensuring a sustained
and balanced economic recovery in the long term.
The Seoul Summit is the first G-20 Summit outside a
G-8 country and the first in Asia.
On the margins of the Summit, Singh will have
bilateral meetings with British Prime Minister David Cameron
and Canadian Prime Minister Stephen Harper among others. PTI