Arab Today, arab today brics urge careful us tapering
Last Updated : GMT 12:21:37
Arab Today, arab today
Arab Today, arab today

BRICS urge careful US tapering

Arab Today, arab today

Arab Today, arab today BRICS urge careful US tapering

Saint-Petersburg - AFP

The world\'s leading emerging economies urged the United States on Thursday to show caution in any tapering of its economic stimulus, as Russian President Vladimir Putin hosted a mini summit of the BRICS states ahead of the G20 meet. In a demonstration of their importance despite worries about developing economies, Putin held talks with five BRICS states before the G20 summit proper got underway. The BRICS group of Brazil, Russia, India, China and South Africa were for years seen as the new hungry tigers of the global economy. But each of the states is going into the G20 meeting outside Saint Petersburg with a degree of economic trouble. The currencies of Brazil and India have been under serious pressure due to expectations that the US Fed will taper its stimulus programme while growth has been slowing even in China\'s powerhouse economy. The US stimulus freed up money that investors then ploughed into emerging markets. But now the risk that this liquidity may recede is triggering major outflows and sharply depreciating BRICS currencies. Putin told President Jacob Zuma of South Africa, Dilma Rousseff of Brazil, Prime Minister Manmohan Singh of India and Chinese President Xi Jinping that such meetings were a \"good habit\" ahead of major global summits. \"We will discuss our common approaches at the G20 summit,\" Putin said. \"I am sure that we will have positive talks.\" In their final communique, the leaders said they were concerned about the \"negative spillovers of unconventional monetary policies of certain developed economies\". \"They emphasised that the eventual normalisation of monetary policies needs to be effectively calibrated and clearly communicated,\" it added. Although the United States was not singled out, the leaders were clearly targeting the tapering of its quantitative easing policy that helped their economies swell. In a sign that the five states would be adopting joint positions at the G20, the statement said that \"major economies, including the G20, could do more to boost global demand and market confidence\". Putin said that a priority for the BRICS states was discussing ambitious projects to create a development bank with a capital of $50 billion (38 billion euros) and a reserve fund with a capital of $100 billion. The communique said that the BRICS states expected \"tangible progress\" on the creation of both funds by the time of their next summit. The BRICS meeting showed the growing ability of the grouping to speak with one voice on financial issues, a capacity some feel may one day be transferred to political topics. Kremlin spokesman Dmitry Peskov said that the BRICS leaders did not \"hide their displeasure\" at electronic espionage on its member states, in a clear reference to the United States. China\'s huge economy and population makes it the dominant player in the BRICS, even if Beijing is often happy to let Russia make the most vocal statements. \"The US should be mindful of the spillover effect of its policies and shoulder the responsibility of maintaining stability and steady growth in the global economy,\" said Vice Finance Minister Zhu Guangyao. Symbolically, Putin\'s first bilateral meeting on the sidelines of the G20 earlier was with President Xi of China, which has stood shoulder to shoulder with Moscow in its opposition to Western policy on Syria. In guarded comments typical of the Russia-China relationship, both men praised the state of ties but gave little away. \"Relations between our countries are developing consistently,\" said Putin. However Russia\'s Gazprom and China\'s state energy firm signed an agreement on the \"fundamental conditions\" of a long-discussed mega gas deal for Russia to pump 38 billion cubic metres of gas annually to China from 2018.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today brics urge careful us tapering Arab Today, arab today brics urge careful us tapering

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today brics urge careful us tapering Arab Today, arab today brics urge careful us tapering

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Prayers turn to nightmare

GMT 06:14 2017 Sunday ,22 October

Prayers turn to nightmare
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday