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Global crisis: PM will be invited to White House Summit

By Aziz Haniffa in Washington
Last updated on: October 22, 2008 23:33 IST
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The White House announced on Wednesday that President George W Bush will invite Prime Minister Manmohan Singh and the other leaders of the G-20 countries for a major White House Summit to discuss the Wall Street meltdown.

During their meeting on September 26 at the White House Oval Office and thereafter over dinner, the financial crisis was among the issues that permeated the discussions between Bush and Prime Minister Singh, even though the Indo-US nuclear deal, which was not signed at that time, was the top priority of the discussions.

But even then Bush acknowledged that he, as always, enjoyed the discussions with Singh on a whole range of issue.

White House press secretary Dana Perino said, "The leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes, and, in order to avoid a repetition, agree on a common set of principles for reform of the regulatory and institutional regimes for the world's financial sectors."

"In addition, we expect that the leaders will discuss the effects of the crisis on emerging economies and developing nations. "The summit will also provide an important opportunity for leaders to strengthen the underpinnings of capitalism by discussing how they can enhance their commitment to open, competitive economies, as well as trade and investment liberalisation," she added.

Strauss-Kahn, managing director of International Monetary Fund, Robert B Zoellick, President of the World Bank and Ban Ki-moon, Secretary-General of the United Nations will also attend the Summit

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Aziz Haniffa in Washington

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