Reading out a six-point programme drafted by India at the G-20 conference of finance ministers and central bank governors at Montreal on Thursday, Mr Sinha said that concerted global action for implementation of the programme was necessary for ensuring international cooperation and development.

Other points highlighted in the programme included the need for increasing official development assistance and world bank lending, equipping the International Monetary Fund with adequate resources to deal with fiscal emergencies and reaffirming basic mandate of the World Bank for long-term development finance especially for infrastructure and human resource development and reforms in international institutions.

According to an official release, Mr Sinha said that there should be reforms in international institutions and the role of G-20 countries in the Financial Stability Forum should be increased. The G-20 must act speedily on issues where consensus existed, he said, adding that early action was required in relation to issues like reduction in oil prices and stabilisation of the euro.

An attitudinal change in the international community was called for so that multilateral financial institutions did not follow compartmentalised approach towards lenders and borrowers, Mr Sinha said. He said that the relevance of globalisation should be judged only in terms of its impact on poverty reduction.

The meeting was also attended by RBI Governor Bimal Jalan. Earlier, the finance minister and the Indian delegation had bilateral talks with German finance minister Hank Eichel and his aides to review the existing relations and cooperation.

Possibilities of cooperation in areas of studies of existing institutions, financial and economic systems and economic and developmental cooperation were discussed at the bilateral meeting. Issues like harmony of approach to international cooperation in various fora, tax and insurance reforms and technical assistance were also discussed by the two countries.

The G-20 includes the G-7 countries and a number of emerging economies considered important including India, China, Brazil and South Africa.