G20 asked to eliminate safe havens |
Indian Prime Minister Narendra Modi says that effective financial governance requires "full commitment" to act against the corrupt and elimination of "safe havens" for economic offenders as he called on G20 members to break down the web of excessive banking secrecy. Modi said fighting corruption, black money and tax-evasion were central to effective financial governance.The prime minister said that a stable global economic and financial system is imperative for growth as it promotes inclusive and sustainable growth.He called for further strengthening of the global financial safety net. He emphasized on the need for a regular dialogue between the IMF, Regional Financial Arrangements and Bilateral Swap Arrangements. IMF should remain a quota-based institution and not depend on borrowed resources," Modi said emphasizing that the "long-delayed 15th General Review of Quotas must be completed by 2017 Annual Meetings.The G20 member states represent 85 per cent of the world`s GDP.
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