United Nations: India has called for reforming the World Bank and the International Monetary Fund (IMF) to reflect the rise of the developing and transitional economies and give them more say in governance.
The Republican-controlled US Congress has blocked the implementation of the new quota structure, which would increase the shares of India, Brazil, Russia and China-the BRIC countries-putting them among the 10 largest shareholders of the IMF. The share quotas determine the voting power and access to funding.
“We need to collectively reflect on a constructive way forward so that the IMF continues to be well resourced through quota resources, and also reflects the changing global economy in its governance structure,” Narang said.
He also criticised the Financing for Development Conference for “formalising the status quo which effectively keeps out the voices of a large number of countries” in the Committee of Experts on Sustainable Development.
“It unequivocally weakened multilateralism and undermined the notion of universality,” Narang asserted. “This important notion was exposed to be a convenient rhetoric to weaken differentiation in international relations.”