India blames IMF for not checking developed countries

LONDON, April 2, 2009 (AFP) – Indian Prime Minister Manmohan Singh said Thursday the International Monetary Fund was partly to blame for the global financial crisis, highlighting a lack of regulation of developed economies.

India did not need to ask the IMF for financial assistance, he said. “We have no intention of going to the IMF… our reserves are about 250 billion dollars.”

“We all know that the present crisis does not originate in Asia, or in Latin America, it originates in the heart of capitalism,” Singh said at a press briefing after the G20 leaders’ summit in London.

“Part of the blame must be shared with the IMF.”

He added: “As far as the developing countries are concerned, there has already been all these years excessive surveillance of the developing countries’ economies.

“The real imbalance in the functioning of the IMF has been that there has been too little surveillance of the affairs of the developed countries.”

Singh also said that he hoped the G20 communique “will induce the IMF to an even-handed approach towards surveillance.”