2008-06-15 08:30:30 - Fuel,Food and Fiscal crunch world over has brought developing and developed nations to have a common programme to work its efforts in agglomerate to achieve the goals of economy to bring prosperous and better world.

Global economy in tattered with developing countries going for war in Iraq for indefinte period of time . Mideast conflict with pinch of radicals terrorism and growing uncertainity in the modern world with little and no world planning for agrarian community, their scale of income is touching lower graph has given rise to economical uncertainity.

Developedworld has its own version of description of the world state of affairs.
Nations in need of more vibrant statesman and dilpomate to bring more soothing and better understanding amongs erring groups or nations or states to pen a better world.

When the world is at dreaded end with natural catstrophe and man made problesm like hatred,war on each other neighbouring nations the plight of the peoples tends

to pathetic.

G-8 the most developed nations minister meet in Osaka in Japan to find a way to bring inflationary tendency under control has their own agenda to quell this economical menance.

World economy faces uncertainty and inflationary pressures because of the recent rise in prices, the G-8 Ministers said on Saturday in a joint statement after two days of talks in Osaka, western Japan.

US Treasury Secretary Henry Paulson said the spike in oil prices to new heights was a problem of supply and demand, and not caused by speculators."This is not something that lends itself to short-term solutions," he told reporters after the meeting ended.Paulson urged countries to let markets work, not rely on subsidies, and pressed oil-producing countries to allow more investment in oil exploration and production.Paulson and the other G-8 Ministers vowed to work together to secure stability and growth, and called for aid to address a looming food crisis in developing nations.

"Elevated commodity prices, especially of oil and food, pose a serious challenge to stable growth worldwide," the statement said.The agenda for the talks, which began on Friday, spanned a range of issues, including troubled financial markets and helping developing nations fight global warming.

The Ministers from the G-8 nations Britain, Canada, France, Germany, Italy, Japan, Russia and the US also mapped out an agenda for a summit next month in northern Hokkaido.

Oil prices, reaching nearly USD 140 a barrel last week, and the recent jump in the prices of corn, wheat, rice, soybeans and other food have been the main issues of the sessions.

The Ministers noted some improvement lately in financial markets, slammed by the credit crunch and the US housing woes since last year. But problems still remain, they said."The world economy continues to face uncertainty," the statement said. "We will remain vigilant and will continue to take appropriate actions, individually and collectively," it said.

Japanese Finance Minister Fukushiro Nukaga said the topic of currency exchange rates was not taken up, although it was discussed on the sidelines of the talks. He said earlier the issue was raised in talks with Paulson, although Nukaga refused to give details.

Media reports had speculated the dollar's recent weakness, blamed in part for surging oil prices as well as worries about global growth, may take centre stage in the finance Ministers' sessions."There was no talk in particular about foreign exchange at the G-8 meeting today," Nukaga told reporters after the talks ended on Saturday.

The Ministers agreed on the importance of analysing the role of speculators, suspected of sending oil prices higher, he added.

The Ministers asked the International Monetary Fund and the International Energy Agency to analyse the financial factors behind the surging oil and commodity prices, and their effects on the global economy.