Indian Finance Minister P. Chidambaram will visit Washington, DC on April 10-11 to attend the G20 Finance Ministers and Central Bank Governors’ meeting. He will be accompanied by the Governor of the Reserve Bank of India, Raghuram Rajan.
The meeting is expected to focus on ways to deal with corruption, boost global economic growth and bring about reforms in the International Monetary Fund (IMF). The Finance Ministers and Central Bank Governors of the BRICS countries (Brazil, Russia, India, China and South Africa) will be meeting to discuss the creation of a development bank and the setting up of a pool of regional currencies.
A G20 Finance Ministers and Central Bank Governors meeting was held in Australia in February this year. The Ministers and Governors decided to formulate policies to achieve a collective GDP of more than 2% in the next five years.
The Group of 20 (G20) was created in 1999 in response to the financial crises in the late 1990s, the growing influence of emerging market economies, and their disproportionately modest participation in the decision-making process.