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Ottawa, February 27, 2002
2002-019

Canada Hands Over G-20 Chair to India

Finance Minister Paul Martin today announced that G-20 finance ministers and central bank governors have chosen India’s Finance Minister Yashwant Sinha as the group’s chair for 2002.

"Minister Sinha brings a wealth of international experience and energy to the G-20 chairmanship," Minister Martin said. "I look forward to continuing to work with him and my other G-20 colleagues toward our goal of improving the lives of people throughout the world."

The G-20 was established in September 1999 as a forum for informal dialogue among countries representing both developed and emerging economies from every region of the globe. Its purpose is to ensure broad participation in discussions on key areas of international financial affairs.

Minister Martin was chosen as the first chair of the G-20 before its inaugural meeting in Berlin in 1999. Under his leadership the group started working to bring more stability to the international financial system. At its October 2000 meeting in Montréal the G-20 agreed to the "Montréal Consensus," which encourages increased investment in critical social policy areas such as health and education as a means of reducing poverty in developing countries.

At its most recent meeting last November in Ottawa the G-20 reiterated its commitment to the Montréal Consensus, and in response to the events of September 11^th agreed to a comprehensive package of measures to combat terrorist financing.

The G-20 includes finance ministers and central bank governors from 19 industrialized and emerging-market countries, plus the European Union. The Managing Director of the International Monetary Fund and the President of the World Bank also participate fully in the group’s activities.

The 2002 meeting of the G-20 will be held in New Delhi later this year.

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