No major impact of financial crisis on BIMSTEC financial health:PM

Subscribe to Oneindia News

New Delhi, Nov 13 (UNI) Ahead of his meeting with G-20 leaders in the US, Prime Minister Manmohan Singh today discounted fears of a major impact of global financial crisis on BIMSTEC region and asked developed nations to ''do everything in their power'' to help developing countries achieve Millennium Development Goals (MDGs).

''They (G-20) must do everything in their power to help developing countries achieve Millennium Development Goals so that developing countries are not adversely affected by the crisis,'' he said.

Speaking at a joint press conference along with Heads of State/Government of seven BIMSTEC countries after their Summit meeting here, the Prime Minister sought to allay the fears of a major fallout of the economic meltdown in the United States and Europe on developing nations and said the impact would be ''relatively less.'' Asserting that there was no danger to the health of the financial system in BIMSTEC, he called for strengthening of international financial institutions to ensure that the fallout of such future crises on developing nations was minimal.

''The global financial crisis affects all countries though it originated in the US and Europe. We are affected though relatively less...Our countries' banks are relatively well-regulated.

Therefore, there is no danger to the health of the financial system on BIMSTEC,'' he said.

The seven-nation BIMSTEC includes Sri Lanka, Nepal, Myanmar, Bhutan, Bangladesh and Thailand besides India.

He, however, said growth rate could be affected if there was a slowdown in investnment and inflow of resources from developed countries.

UNI RB ARB AS1630

Please Wait while comments are loading...