New Delhi: Deputies of the Group of 20 Industrialised and Developing nations will meet in New Delhi over the next two days to prepare a "forward-looking" work plan including measures to combat financial terrorism to be adopted at the ministerial meeting hosted for the first time by New Delhi later this year.

G-20, formed in 1999 as a forum of Finance Ministers and Central Bank Governors of 19 countries including India, European Union and Bretton Wood institutions International Monetary Fund (IMF) and World Bank, is an informal mechanism for dialogue to promote international financial stability.

On combating financing for terror the group has already pledged to work with concerned international bodies to prevent abuse of the financial system and threats to its integrity by promoting international standards relevant to terrorist financing, money laundering and the regulation and supervision of the financial sector.

The work plan in the lead-up to the 2002 Ministerial agenda is also aimed at enhancing the effecitiveness of aid, maximising and extending benefits of globalisation, domestic policy requirement for regeneration of capital flows and restructuring of sovereign debt, standards and codes for financial sector regulation and corporate governance.

The group that represents 85 per cent of the world gross domestic product (GDP) and over 60 per cent of the world's population, comprises G-7 countries of United States, United Kingdom, Canada, France, Italy, Germany and Japan and Russia, Saudi Arabia, Turkey, Australia, Indonesia, China South Africa, India, Mexico, Argentina, Brazil and South Korea.

PTI