RIC-SANCTIONS 4

Krishna, Yang and Lavrov stressed that future global
economic governance should feature in "balanced
representation, equality and result-orientedness and ensure
the voice and representation of emerging market and developing
countries."

The three countries advocated that future G-20 Summits
should be held by rotation in developed countries and
developing countries based on the principle of transparency
and equity.
"The Ministers emphasised that one of the ultimate goals
of governance structure reform for international financial
institutions is equitable distribution of voting power between
developed countries and developing ones," the communique said.
They also called for early implementation of the
quantified targets on the governance structure reform of the
international financial institutions endorsed by the G-20
Pittsburg Summit last month.
The three countries also pressed for speedy shift in IMF
quota share of at least five per cent to emerging market and
developing countries and an increase of at least three per
cent of voting power in the World Bank for developing and
transition countries, while avoiding erosion in voting shares
of developing countries.
Yang said the global economic situation continues to be
fragile and that India, China and Russia, all major emerging
economies, should collaborate to ensure that the international
financial system is "more just and equitable". (MORE) PTI AKK
SDE


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