Developing nations secure more voting rights in IMF, WB

I / Pittsburgh September 26, 2009, 16:46 IST

India today scored a major victory at the summit of G-20 leaders when its demand for increasing the voting rights of the developing countries in international financial institutions like IMF and World Bank was adopted, reflecting the importance of emerging economies in the crisis scenario.

The meet also accepted India's position against any hasty and immediate withdrawal of the global stimulus package adopted at the London Summit in April.

Unlike the London Summit when it was forced to come out with a $1.1 trillion economic recovery plan, the current meet hosted by US President Barack Obama took a cool long- term look at the situation according importance to the role of emerging economies like India and China whose economies were rescuing the developed countries from the recession.

"After this crisis, critical players need to be at the table and fully vested in our institutions to allow us to cooperate to lay the foundation for strong, sustainable and balanced growth. We designated the G-20 to be the premier forum for our international economic cooperation.

"We established the Financial Stability Board (FSB) to include major emerging economies and welcome its efforts to coordinate and monitor progress in strengthening financial regulation," said the 31-point four-page 'Leaders Statement' at the conclusion of the Summit.