Developing Countries Want Say In World Finance
As leaders from the worlds richest countries argue in London this week over how to tackle the global economic crisis, developing nations will be shouting even louder for a bigger say in any global solution.
Brazil, India, China, Indonesia and other emerging economies are seeking to become an increasingly powerful voice within the G20.
China is showing more willingness to aid organizations like the International Monetary Fund (IMF), reflecting its desire for a stronger voice in global economic affairs
Over the past week, officials in Beijing have said China is willing to add funding for the IMF to increase the lender’s ability to help countries hurt by the crisis. But China wants more IMF voting rights in exchange for any new funding.
Chinese officials have also said the country could contribute in ways that do not require an immediate overhaul of the organization, for instance by buying bonds issued by the IMF.
Meanwhile, South Africa heads to the G20 summit tasked with being the voice for a continent where poor states are in danger of fading into the background. Reform of multilateral finance institutions, conditions around which finance is granted and increasing resources available to the IMF, are Africas greatest concerns.
Nevertheless, the G20 summit Thursday in London should push forward IMF and other reforms to give emerging countries more say in global finance, Russian Deputy Foreign Minister Alexander Yakovenko said on Monday.
– Russia is advocating fundamental reforms of the Bretton Woods institutions and a revision of the quota voting system, he stressed.
Kilde: www.worldbank.org
