PM to attend G-20 summit on credit crisis

The US President has invited heads of governments of the Group of 20 (G-20) developed and developing countries to discuss the financial meltdown and find appropriate solutions.

One of the key issues discussed will be the extent to which the existing financial system can be changed to cope with the situation. The heads of the World Bank and IMF will also attend the meet, which will also deliberate over the question of stronger global financial regulation. Some countries have even called for a complete revamping of existing financial structures.

With the Prime Minister stating that the “spectre of recession” was looming large on the world, sources said India would suggest a stronger international regulatory framework that can effectively monitor private sector financial flows.

Besides discussing ideas, the world summit will strive to project a united resolve to combat the crisis and in doing so seek to instill confidence in major financial markets across the globe.

The summit was decided after discussions between George Bush and French President Nicolas Sarkozy.