The finance minister of India, P Chidambaram alleged that the unwillingness of the developed countries of G20 in initiating reforms for international finance institutions has severely deterred the reliability and progress of G20. He gave these remarks at an event organized by intellectual ICRIER.
He also expressed his concerns over the key objective of the G20 which ensures an equal growth opportunity for the emerging markets. Thus, it is vital for G20 to address issues and concerns related to developing countries of the group. Carrying forward his point, he said,” Considering the range of complex issues confronting the world economy, and the persistent weak recovery, it is important for all countries that G20 continues to be successful."
He furthermore stressed that the forum may also end up losing its importance as tool of global governance. He added,” Emerging markets have accepted these norms in a spirit of multilateralism. However in the context of a weak global recovery, we should be careful that the procyclical bias should not be a stumbling block in developing countries.”
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