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PM partly blames IMF for economic crisis

April 03, 2009 11:17 IST

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Prime Minister Manmohan Singh on Thursday partly blamed International Monetary Fund for the current global economic crisis.

"The present crisis does not originate in Asia or in Latin America. It originates in the heart of capitalism and it is been the laxity of regulation, so part of the blame must be shared by IMF," Singh said at a press briefing after the G20 leaders' summit in London.

He said the developing countries are not responsible for this crisis, but they are the biggest victims of it. Singh said, "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."

"I see this statement (G-20 communique) as a statement which will induce IMF to an even-handed approach towards surveillance," Singh hoped.

He said India does not need support from the IMF as it was sitting on healthy forex reserves. "As fas as India is concerned, India has no intention of going to the IMF."

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