G-20 upholds India's stand on protectionism

LONDON: Supporting India's stand that protectionism should be avoided, the Finance Ministers of G-20 countries agreed to end the convention by which the heads of the IMF and World Bank are decided by Europe and the US, respectively.

At a summit that will set the tone for the April 2 gathering of global leaders, including prime minister Manmohan Singh, in London, ministers promised to "maintain open trade and investment".

In a joint communique issued by the leaders in Horsham, West London, the finance ministers last evening made it clear that raising barriers to trade and free movement of workers would not resolve the crisis, promising to "fight all forms of protectionism".

Planning Commission Deputy Chairman Montek Singh Ahluwalia is leading a ten-member Indian delegation at the two-day discussion.

Finance Ministers of the G-20 countries have agreed to increase the International Monetary Fund's 250 billion dollar fund "very substantially".

The finance ministers also agreed to end the 50-year-old unwritten rule whereby the heads of the IMF and World Bank are decided by European and the US governments, respectively.