Developing nations secure more voting rights in IMF, WB

V S Chandrasekar

Pittsburgh, Sep 26 (PTI) India Saturday 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 USD 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. (More) PTI