NEW DELHI, Nov 23: A top Indian banker on Saturday urged developed countries, the International Monetary Fund and World Bank to provide easier access to funds for nations facing financial crises.

In remarks to the Group of 20 (G-20) ministerial meeting in New Delhi, central Reserve Bank governor Bimal Jalan said countries with sound macro-economic fundamentals could fall prey to financial crises through events beyond their control.

International institutions and the international community could play a more supportive role by providing... more automatic access to international funding to countries facing financial crisis, Jalan told finance ministers and central bank governors attending the meeting.

The day-long session was to discuss international financial crisis prevention and resolution, along with globalisation, combating financing of terror, development and aid.

The fourth G-20 meeting brings together finance ministers, senior officials and central bank governors from 19 developed and developing nations, the European Union, the International Monetary Fund and World Bank.

The group — representing more than 85 per cent of the world’s gross domestic product (GDP) and over 60 per cent of its population was set up in 1999 for industrialised countries and emerging markets to discuss policies to create international financial stability.

In his address, Jalan also urged G-20 member nations to build their own safety walls by providing for a stable macro-economic environment, higher reserves, more realistic policies to regulate capital flows and careful monitoring of foreign exchange markets.

Strong economic fundamentals including low inflation, low current account deficit and reasonable growth are essential to prevent crisis, he said.

India at present boasts all three, he said, adding that the adoption of the best international practices in respect of transparency, accounting and related standard and codes ensures that there are no surprises about the financial health of a country or its financial policies.

Flexibility in exchange rates was also imperative, which would ensure that the central bank had the ability to intervene when necessary, he added.—AFP