PM stresses on adequate finance flow

Prime Minister Manmohan Singh today underlined the importance of adequate flow of finance to developing countries and keeping markets open by resisting protectionist measures.

Speaking at the meeting of the G-5 leaders ahead of their summit meeting with the Group of Eight Industrialised countries(G-8), Singh said developing countreis are the worst affected by high food prices.

The G-5 represents developing economies and besides India it is represented by China, Brazil, South Africa and Mexico.

The G-5 is agreed that Agriculture and Food security needed to be placed at the core of the international agenda, he said.

“As responsible members of the international community, we recognise our obligations to preserve our environment but climate change cannot be addressed by perpetuating the poverty of developing countries,” he added.

The prime minister also said the concept of sustainable development so far has been a “buzz word.”

“We need to evolve a strategy of growth that brings about a higher standard of living without affecting the environment,” he said.

The G-5 declaration significantly reflects many of the concerns and positions of developing countries.

The prime minister said these concerns needed to be taken into account in shaping global responses to global challenges.