SOUTH AFRICA: Indian Prime Minister Manmohan Singh urges world's rich countries to tackle their own financial problems and prevent a global recession

Record ID: 455847

  • Title: SOUTH AFRICA: Indian Prime Minister Manmohan Singh urges world's rich countries to tackle their own financial problems and prevent a global recession
  • Date: 19th October 2011
  • Summary: PRETORIA, SOUTH AFRICA (OCTOBER 18, 2011) (REUTERS) ( ** BEWARE FLASH PHOTOGRAPHY **) MEDIA BRAZIL PRESIDENT DILMA ROUSSEFF AND SOUTH AFRICAN PRESIDENT JACOB ZUMA WALKING TO THEIR SEATS WIDE SHOT OF ROOM INDIAN PRIME MINISTER MANMOHAN SINGH LISTENING ROUSSEFF LISTENING (SOUNDBITE) (English) SOUTH AFRICAN PRESIDENT JACOB ZUMA SAYING: "We face yet again the economic crisis in the countries of the developed north and the popular quest for freedom and democracy in North Africa and the Middle East which has aptly been named the Arab Spring." WIDE SHOT OF ROOM (SOUNDBITE) (English) INDIAN PRIME MINISTER MANMOHAN SINGH SAYING: "The sovereign debt crisis in Europe and the recessionary trends in the traditional global economy that is the United States, Europe and Japan are sending negative signals to the world, financial and capital markets which are showing signs of acute distress. Developing countries cannot remain untouched by the negative impacts ot this development. Their ability to address their developing challenges has been aversely affected as a consequence. We hope that effective and early steps will be taken by Europe and other advanced economies to calm capital and financial markets and prevent the global economy from slipping into a double-dip recession." WIDE SHOT OF ROOM (SOUNDBITE) (Portuguese) BRAZIL PRESIDENT DILMA ROUSSEFF SAYING: "Our diversity and our cooperation are our biggest assets to guarantee free and sovereign presence of the developing countries in the new world in permanent transformation." WIDE SHOT OF ROOM
  • Embargoed: 3rd November 2011 12:00
  • Keywords:
  • Location: South Africa, South Africa
  • Country: South Africa
  • Topics: Economy
  • Reuters ID: LVA5EWUKAGPCRHEOI0D9JN1800ZO
  • Story Text: Indian Prime Minister Manmohan Singh urged the world's rich countries on Tuesday (October 18) to contain their financial crises and prevent the global economy from slipping into a double dip recession.
    He was speaking at the fifth India, Brazil South Africa (IBSA) summit in Pretoria, South Africa.
    South African President Jacob Zuma opened the sumit with a list of some of the main current international events.
    "We face yet again the economic crisis in the countries of the developed North and the popular quest for freedom and democracy in North Africa and the Middle East which has aptly been termed the Arab Spring," he told delegates to the summit.
    In his speech, ingh said financial turmoil in Europe, the United States and Japan was hurting developing countries.
    "Developing countries cannot remain untouched by the negative impact of these developments," he said.
    "We hope that effective steps will be taken by Europe and other economies to calm the capital and financial markets to prevent the global economy from slipping into a double dip recession."
    Brazilian President Dima Rousseff highlighted how the IBSA nations, which are all temporary members of the UN Security Council, could making sure that the voice of developing nations were heard on the world stage.
    "Our diversity and our cooperation are our biggest assets to guarantee free and sovereign presence of the developing countries in the new world in permanent transformation."
    The summit is meant to boost trade between the Asian, African and South American giants, come up with measures to counter piracy in the Indian and Atlantic oceans and strengthen negotiating positions on climate change.
    However, its importance as a diplomatic forum has been overtaken by South Africa's admission this year to the wider BRICs grouping, that also includes China and Russia.
    South Africa's Department of Trade and Industry said IBSA trade stood at 16.1 billion U.S. dollars in 2010 and the bloc was in "striking distance" of hitting 25 billion U.S. dollars by 2015.
  • Copyright Holder: REUTERS
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