Sinha asks WB, IMF to take steps to spur growth

Washington, April 30: INDIA today asked the World Bank (WB) and the International Monetary Fund (IMF) to work out an action programme to ‘rejuvenate’ economic growth in developing countries in the face of global economic slowdown and set appropriate framework alongwith wto for ‘free and fair’ global trade.

‘‘To my mind, the primary task before this Assembly is to work out an action programme aimed at rejuvenation and renewal of hope for the future with massive thrust for economic growth and development,’’ Sinha told a joint meeting IMF and financial committee and development committee.
Sinha is joint chairman of the committee along with British chancellor of the exchequer Gordon Brown.

Asking IMF and WB to set appropriate ground rules for free and fair trade, Sinha said ‘‘we have to ensure that multilateralism and movement toward global free trade is at the centre of trade negotiations.’’ Sinha listed textiles, garments and agriculture as areas of concern where non-trade barriers were being maintained to create unfavourable trade conditions for developing countries.

Asserting the need for an action programme to spur growth, he said this was necessary to deal with downside risks of globalisation with adverse effects particularly on the developing countries. Referring to the financial crisis in the nineties, he said they originated as an incipient crisis in the forexmarket and quickly spread to the financial and banking sectors and then to the economy. (PTI)