NEW DELHI, June 3 (IANS): Finance Minister Pranab Mukherjee, accompanied by Finance Secretary Ashok Chawla, today reached South Korea's second largest city Busan on a three-day visit to attend the G-20 finance ministers meeting.
Finance ministers of the emerging and industrial economies at the two-day meeting beginning on Friday will discuss the global economic situation, rising fiscal deficit of advanced countries which has crept up to 9 percent of their gross domestic product and an action plan to counter the problem.
During the two days, governors of central banks will also meet to discuss challenges facing economies around the world.
Before participating in the deliberations of G-20 meeting, Mukherjee will attend a meeting of four BRIC (Brazil, Russia, India and China) countries, said a finance ministry statement.
During his stay in Busan, Mukherjee will also hold bilateral talks with UK Chancellor of Exchequer George Osborne and former finance minister of South Korea Sakong Il who will chair the G-20 meet, said the statement.
The meet will be a stock-taking exercise on the progress of regulatory reforms in financial sector which mainly include international rules on capital, leverage and liquidity, compensation reforms, maintaining high standards of accounting Standards and non cooperative jurisdictions.
The ministers will shortlist agenda items for the summits of G-20 leaders in Toronto later this month and in Korea in November.