Chambers want IMF, WTO to have more powers to tackle crisis

Multilateral agencies like the International Monetary Fund (IMF) and World Trade Organisation (WTO) must be given the power, both in terms of structure and political representation, to lead the world out of the ongoing crisis, Chambers of Commerce from the G-20 countries including Ficci said in a common declaration.

The chambers have expressed satisfaction in their country's recovery plans and agree with most of the measures included in them.

But for long-term and lasting solutions, attention should now turn to international organisations, the chambers have declared ahead of G-20 meeting in London on April 2, Ficci said in a statement today.

"The responsibilities and composition of the IMF, the World Bank and the Financial Stability Forum should be carefully reassessed. Also, these institutions must be adequately financed so that they can carry out their functions in a timely and appropriate way," it said.

In addition, the WTO must continue to play its role as global governor of the multilateral trading system.