G-5 leaders play victim of economic crisis shaped by developed countries

L'Aquila (Italy), July 9 (ANI): The developing countries are bearing a major brunt of the global financial crisis they did not create, the Group of Five main emerging economies said in Italy on Wednesday.

Prime Minister Dr. Manmohan Singh highlighted the affect of the global crisis on developing countries, saying: "The developing countries have been the most affected by the global financial and economic crisis. We discussed, how we could contribute to strengthening the green shoots of recovery.

It is only through an inclusive approach that a collective global effort can be truly affect. We will stress tomorrow the importance of maintaining adequate flow of finance to the developing countries and also of keeping markets open to by resisting protectionist measures."

He also stressed on the need to evolve a coherent strategy of growth that brings about a higher standard of living without harming the environment.

"The developing countries are also the worst affected by high food prices. We agreed that agriculture and food security need to be placed at the core of the international agenda bringing particular attention to the concerns of small and marginal farmers.

As responsible members of the international community, we recognise our obligation to preserve and protect our environment, but climate change cannot be addressed by perpetuating the poverty of the developing countries," Singh said.

Successful conclusion of the Doha trade talks would be a major stimulus for restoring confidence in world markets, they said in a statement after talks in L'Aquila ahead of their joint summit with the Group of Eight rich nations on Thursday.

At the end of the news conference, a playful Brazilian President Luiz Inacio Lula da Silva handed out football shirts to his G-5 counterparts, wishing them the best of luck with their respective country's sporting achievements. By Naveen Kapoor (ANI)