ID :
29473
Mon, 11/10/2008 - 18:47
Auther :
Shortlink :
http://m.oananews.org//node/29473
The shortlink copeid
PM calls for reviewing role of int`l financial institutions
Doha, Nov 10 (PTI) As the global financial crisis looks to impact economies worldwide, Prime Minister Manmohan Singh has called for review of the role of international financial institutions to ensure regulation and early warning.
Indian banks, he said, were well capitalised and regulated even as their direct exposure to problem assets that precipitated the crisis has been minimal.
In an interview to daily Qatar Tribune, the Prime Minister, on the second leg of his maiden visit to the energy-rich Gulf region, said: "We need to review the role of international financial institutions to ensure better supervision, regulation and early warning."
"I feel that emerging economies like India, with a strong and well functioning financial system, may hold the key to any global recovery process," he was quoted as saying.
The economic and financial crisis that originated in the US financial markets would have its impact on developing countries as well.
"Fortunately, the direct exposure of Indian banks and financial institutions to problem assets that precipitated the crisis has been minimal. Our banks and financial institutions are well capitalised and regulated," Singh said adding New Delhi had taken steps to ensure adequate liquidity and credit availability in the system.
"In this period of global economic turmoil, I feel that
the complementaries between our two economies provide an
opportunity for counter-cyclical strategies for growth in both
the countries," he said.
India, he said, was working closely with other countries
to ensure a coordinated policy action and to ensure that
development cooperation is not affected by this crisis.
Singh, who arrived here from Muscat yesterday evening,
held delegation-level talks with Prime Minister Sheikh Hamad
bin Jassim bin Jabor al Thani.
Two agreements on defence cooperation and security were
signed after the meeting.
The defence pact outlines a structure for joint maritime
security and training as well as exchange of visits. The
security agreement would lay out the framework for sharing of
information and data base on threats posed by extremists and
other safety and legal matters.
Prime Minister will meet Qatar's Emir Sheikh Hamad bin
Khalifa al Thani this afternoon to hold wide-ranging
discussions.
In the interview to Qatar Tribune, Singh said India
attached great importance to ties with Doha, which was a
"reliable supplier of a large part of our energy imports from
the Gulf region".
"Our relations with the Gulf date back to ancient times
and are historical. The Gulf is a region of vital importance
for India. 70 per cent of our energy imports come from this
region. Almost five million of our citizens earn their
livelihood here. My visit to the Gulf is an affirmation of the
importance we have always attached to what is our extended
neighbourhood," he said.
The Prime Minister said opportunities for investment in
Qatari financial centres and special economic zones, including
the information technology and communication sector, need to
be exploited. "There is also great scope for Qatar to invest
in the infrastructure in India." PTI
Indian banks, he said, were well capitalised and regulated even as their direct exposure to problem assets that precipitated the crisis has been minimal.
In an interview to daily Qatar Tribune, the Prime Minister, on the second leg of his maiden visit to the energy-rich Gulf region, said: "We need to review the role of international financial institutions to ensure better supervision, regulation and early warning."
"I feel that emerging economies like India, with a strong and well functioning financial system, may hold the key to any global recovery process," he was quoted as saying.
The economic and financial crisis that originated in the US financial markets would have its impact on developing countries as well.
"Fortunately, the direct exposure of Indian banks and financial institutions to problem assets that precipitated the crisis has been minimal. Our banks and financial institutions are well capitalised and regulated," Singh said adding New Delhi had taken steps to ensure adequate liquidity and credit availability in the system.
"In this period of global economic turmoil, I feel that
the complementaries between our two economies provide an
opportunity for counter-cyclical strategies for growth in both
the countries," he said.
India, he said, was working closely with other countries
to ensure a coordinated policy action and to ensure that
development cooperation is not affected by this crisis.
Singh, who arrived here from Muscat yesterday evening,
held delegation-level talks with Prime Minister Sheikh Hamad
bin Jassim bin Jabor al Thani.
Two agreements on defence cooperation and security were
signed after the meeting.
The defence pact outlines a structure for joint maritime
security and training as well as exchange of visits. The
security agreement would lay out the framework for sharing of
information and data base on threats posed by extremists and
other safety and legal matters.
Prime Minister will meet Qatar's Emir Sheikh Hamad bin
Khalifa al Thani this afternoon to hold wide-ranging
discussions.
In the interview to Qatar Tribune, Singh said India
attached great importance to ties with Doha, which was a
"reliable supplier of a large part of our energy imports from
the Gulf region".
"Our relations with the Gulf date back to ancient times
and are historical. The Gulf is a region of vital importance
for India. 70 per cent of our energy imports come from this
region. Almost five million of our citizens earn their
livelihood here. My visit to the Gulf is an affirmation of the
importance we have always attached to what is our extended
neighbourhood," he said.
The Prime Minister said opportunities for investment in
Qatari financial centres and special economic zones, including
the information technology and communication sector, need to
be exploited. "There is also great scope for Qatar to invest
in the infrastructure in India." PTI
