India to push for more space in IMF, WB at G-20

Prime Minister Manmohan Singh and leaders of emerging countries like Brazil, China and South Africa are expected to make a big push for more space and a stronger voice in global financial institutions at the G-20 Summit starting in Pittsburgh this Thursday.

Climate change will also loom large at the summit of the world’s 19 largest economies and the European Union ahead of a key UN environment summit in Copenhagen in December set to hammer out a new climate treaty to replace the Kyoto Protocol when it expires in 2012.

At the summit hosted by President Barack Obama, India will advocate reforms of the international financial institutions like the World Bank and the International Monetary Fund (IMF) to keep pace with the ground realities of the changing world.

Brazil, Russia, India, China — the four countries in the BRIC grouping — and South Africa are seeking greater representation and voting rights at IMF and World Bank to reflect their growing economic clout.