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G-24 nations to focus on job creations and effective social protection for poor: Mukherjee

Washington, Fri, 20 Apr 2012 ANI

Washington, Apr 20 (ANI): Expressing concern over the current global economic scenario, Finance Minister Pranab Mukherjee on Friday said the G-24 nations will focus on job creation and effective social protection for the poor and the vulnerable.

Addressing a press conference at the G-24 nations finance ministers meet here, Mukherjee said: "We will focus on job creation and on effective and affordable social safety nets that protect the poor and vulnerable. We call for the timely and full delivery of the Official Development Assistance (ODA) commitments to the low income countries (LICs)."

Speaking on the current economic condition of the world, Mukherjee said that though policy actions have reduced the threats from the Euro area, but downside risks remain high, including from high and uncertain oil prices.

"We remain concerned about the fragility of the recovery. Recent policy actions have reduced threats from the Euro area, but downside risks remain high, including from high and uncertain oil prices. The subdued global growth has adverse impact on growth in many emerging markets and developing countries. We believe that immediate and concerted actions are needed to restore confidence and boost growth," said Mukherjee.

Stressing on forward-looking commitments on International Monetary Fund (IMF) quota and governance reforms, Mukherjee said they must be timely and fully met.

"On the international financial institutions, we stress that the forward looking commitments on IMF quota and governance reform must be met on a full and timely basis. We welcome ongoing efforts to ensure that the IMF has the necessary resources to play its role, but it should remain a quota based institution," he stated.

Calling for new solutions to enhance the financial capacity of the World Bank and International Financial Corporation (IFC), Mukherjee added that these institutions should improve its responsiveness by flexible and innovative policies and instruments.

"We are concerned that World Bank lending is projected to decline at this crucial juncture because of constrained financial capacity. We therefore call for new solutions to bolster the financial capacity of the Bank and IFC. We also urge the Bank to improve its responsiveness through more flexible and innovative policies and instruments," added Mukherjee. (ANI)


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