Chidambaram satisfied with G20 summit outcome

Emerging economies followed the advice of the IMF when the major economies went through a period of downturn after the 2008 global financial crisis, Chidambaram said

Satisfied with the outcome of the G20 meeting, Finance Minister P Chidambaram on Sunday said India’s concerns with regard to withdrawal of the US stimulus and the need to expedite International Monetary Fund (IMF) quota reforms been taken on board by the group of rich and developing nations.     

India, Chidambaram said, had expressed concern over the impact of monetary easing by the US Federal Reserve on the developing countries and underlined the need to expedite the

IMF quota reforms, which seek to give greater say to emerging economies in the multilateral lending body.

“When they (developed world) sought our cooperation during the economic downturn, it is only fair that they cooperate with developing countries during the economic recovery,” he said.