G-20 meeting very productive, says Manmohan Singh

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Pittsburgh, Sep 26 (ANI): Prime Minister Manmohan Singh on Saturday described the G-20 meeting as very productive and said that a comprehensive discussion was held among the leaders on wide range of issues.

Addressing a press conference after the G-20 meeting Manmohan Singh said: "We have had a very productive meeting in which there was a comprehensive discussion among the leaders on a wide range of issues."

He said that the summit was not meant to be a trillion dollar summit and its purpose was to review what has happened and chart the way forward.

Manmohan Singh said that the meeting discussed the issues relating to premature withdrawal of stimulus and seceded that there will no premature withdrawal of stimulus.

"The emergency financing for the fund has been successfully completed. We now have to address the issue of the fund quota increase by early 2011."

"We have agreed to shift 5 percent share to countries that are under-represented," he added.

Manmohan Singh informed that Indian has agreed to help the World Bank, and other regional development banks, to find the necessary resources based on a review of their capital needs to be completed in the first half of 2010.

"We have agreed on a new framework for discussing global macro-balances, and the contributions individual countries can make through their own policies, with a new process of peer review or discussion in the G-20," Singh said.

The meeting discussed the important issue of climate change and called for a successful outcome in the UNFCCC at Copenhagen.

"We have agreed that we should work for an early resolution of Doha to counter protectionism. The success of the Delhi Ministerial meeting in reviving the process of negotiations was appreciated," Manmohan Singh said, adding, "We have agreed that the G-20 will henceforth be the premier forum for international economic issues. This is an important development broadening the global governance structure."(ANI)

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