While I took a respite, the world has been pretty active.
Two rounds of global talks on economy recovery: the G8 summit at L’Aquila, Italy, pledging (mere?) $20 billion to boost food supplies (it’s a ‘moral obligation’ to help poor countries, says Obama); and the G20 Pittsburg summit in US last month where leaders met to follow up on their London pledges. (Check out the last five months’ action on the BBC pledge tracker).
China, India become the new caretakers of the global economy; but the communiqué is panned by the anti-poverty UN Millennium Campaign. New voting powers to emerging countries do not help the poorest in smaller economies driven to debts.
Two more stocktaking planned next year in Canada and Korea: will words translate to action?
Showing posts with label G20 Summit. Show all posts
Showing posts with label G20 Summit. Show all posts
Tuesday, October 13, 2009
Friday, April 3, 2009
Last words of two world leaders…in their own way
We all waited in the true Indian spirit. The Indian Prime Minister was late. A compelling reason though – he was in conversation with the American President Barrack Obama.
After the ‘useful and productive’ meeting (in his words) that had covered issues of security and climate change, Dr Manmohan Singh spoke about the $1.1 trillion that will bring back jobs, growth and stability. “Recapitalizing the banking system is essential to normalise credit flows – mere fiscal stimulus cannot have expected results.” True enough?
What about the chronic poverty that ails millions in India? Not surprisingly, the subject was not broached even as the suave and soft-spoken PM admitted that there was still much more left to do while listing his government’s achievements. Indian journalists were more concerned about Pakistan’s terror antics and India’s response to it.
As I moved to the adjoining briefing room to hear US President Barrack Obama’s take, it was not difficult to figure his popular win last year. In his strong compelling voice, he was ably fielding queries being thrown by the crowding media. (With a dash of charm and wit)
While he admitted the G20 was not the panacea that would take care of the remains of toxic assets in US and European banks, he also claimed it had created a good foundation in boosting global demand and growth. But what really caught my attention was his view on the India-Pakistan terror issue, and here I quote, “In a nuclear age when the greatest enemy of India and Pakistan should be poverty, it may be more effective to create a dialogue between India and Pakistan.” Amen to that.
After the ‘useful and productive’ meeting (in his words) that had covered issues of security and climate change, Dr Manmohan Singh spoke about the $1.1 trillion that will bring back jobs, growth and stability. “Recapitalizing the banking system is essential to normalise credit flows – mere fiscal stimulus cannot have expected results.” True enough?
What about the chronic poverty that ails millions in India? Not surprisingly, the subject was not broached even as the suave and soft-spoken PM admitted that there was still much more left to do while listing his government’s achievements. Indian journalists were more concerned about Pakistan’s terror antics and India’s response to it.
As I moved to the adjoining briefing room to hear US President Barrack Obama’s take, it was not difficult to figure his popular win last year. In his strong compelling voice, he was ably fielding queries being thrown by the crowding media. (With a dash of charm and wit)
While he admitted the G20 was not the panacea that would take care of the remains of toxic assets in US and European banks, he also claimed it had created a good foundation in boosting global demand and growth. But what really caught my attention was his view on the India-Pakistan terror issue, and here I quote, “In a nuclear age when the greatest enemy of India and Pakistan should be poverty, it may be more effective to create a dialogue between India and Pakistan.” Amen to that.
Thursday, April 2, 2009
A trillion dollars for world recovery
As I pick the communiqué the figure stands out. Breaking it up, its $750 billion to IMF (incidentally trebling their resources), $250 billion to support SDR (googling I discover the Special Drawing Rights was created by the IMF in 1969, a basket of currencies that works as an overdraft facility for member countries), a $100 billion lending to MDBs – that is Multilateral Development Banks – and $250 billion to boost world trade.
While IMF appears to be the biggest winner, I am interested in the $100 billion that would be lent to poorest countries. Wonder if the Indian PM has something to say about it in his briefing in a little while. I think I will go pay him a visit.
While IMF appears to be the biggest winner, I am interested in the $100 billion that would be lent to poorest countries. Wonder if the Indian PM has something to say about it in his briefing in a little while. I think I will go pay him a visit.
More voice to emerging countries
After facing the bitter cold of a London morning, and being shuttled from one point to another, we are finally in the wide warm confines of the Excel Centre – the hotspot of global action that will unfold as the day passes.
I am no economist who can debate on the perplexing ways the economy functions. As world leaders debate on trade, market reforms and business regulations, I hope today’s agenda will also take care of the voiceless nations. Salil Shetty, global head of the UN Millennium Campaign says emerging countries like India still have limited voice. He believes it is time that there are policy changes to make them more pro-MDG and also a change in the global governance and voice structures. Both need to go hand in glove. I am watching the Indian PM Manmohan Singh on the TV screens at the Media Centre. Will he take the cue?
I am no economist who can debate on the perplexing ways the economy functions. As world leaders debate on trade, market reforms and business regulations, I hope today’s agenda will also take care of the voiceless nations. Salil Shetty, global head of the UN Millennium Campaign says emerging countries like India still have limited voice. He believes it is time that there are policy changes to make them more pro-MDG and also a change in the global governance and voice structures. Both need to go hand in glove. I am watching the Indian PM Manmohan Singh on the TV screens at the Media Centre. Will he take the cue?
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