PM to give solution for recession crisis at ASEM

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New Delhi, Oct 25: Prime Minister Manmohan Singh is all set in what his focus would be in the Beijing Summit. He gave a clear indication of what his agenda will be at the speech later on Saturday, Oct 25 at a dinner meeting on the opening day of the Beijing summit. He said, "IMF and World Bank should put in place facilities to provide additional assistance more quickly and in large amounts with less service conditions and greater flexibility to developing countries."

In candid and even hard-hitting remarks to the first closed session of the Asia-Europe Meeting ASEMsummit which got under way on Friday, Dr Singh said globalisation without the structure of global financial governance had led to severe problems.

"Massive failure of regulatory and supervisory mechanism has really been the reason for the present turmoil and if there had been a good regulatory mechanism, this would not have happened," he added.

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