NEW DELHI: Prime Minister Narendra Modi stressed upon the importance of fighting corruption and blackmoney in effective financial management on Monday at the G20 Summit in Hangzhou in China. He called upon the G20 leaders to act to eliminate safe havens for economic offenders.
“The G20’s efforts should be for zero-tolerance for corruption and black money; zero administration, policy and treaty loopholes; zero barriers and full commitment to action,” Modi said in his intervention on the second day Summit, according to tweets from MEA spokesperson Vikas Swarup.
Modi went on to add that to achieve that good financial governance “we need to act to eliminate safe havens for economic offenders, track down and unconditionally extradite money launderers and break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds”. Modi pointed out that a stable global economic and financial system was imperative for any development, as it promotes inclusive and sustainable growth, while calling for a further strengthening of the global financial safety net. “We need a regular dialogue between the IMF, Regional Financial Arrangements and Bilateral Swap Arrangements.
Modi touched upon the need for independence in the International Monetray Fund, saying “IMF should remain a quota-based institution and not depend on borrowed resources.”. He also emphasized that the “long-delayed 15th General Review of Quotas must be completed by 2017 Annual Meetings.”
The point is one that India feels quite strongly about, since it and other emerging economies have been pressing for the reform of the Bretton Wood Institutions - IMF and World Bank - which would give it and other major emerging economies a greater say. India had recently stated that governance reforms are required to ensure the IMF’s credibility, legitimacy and effectiveness.
Modi also made a pitch for India’s energy needs, pointing out that the country needs energy to support its development goals.