Emerging powers call for reform of financial system [View All]

[AlphaCentauri]

Source: Business Daily

Leading emerging powers have called for swift reform of international financial institutions to give developing countries a greater voice, saying their group was vital to achieving a new world order.

The call from the increasingly influential BRIC countries for more say in global financial institutions such as the World Bank and the International Monetary Fund came ahead of this month’s G20 finance ministers’ and IMF meetings in Washington.

The leaders of Brazil, Russia, India and China said that voting share reforms at the World Bank to give developing countries more clout should be approved at the IMF meetings.

Setting a specific deadline, the group also said those reforms should be completed by a G20 summit in November.

“Brazil, Russia, India and China have a fundamental role in creating a new international order that is more just, representative and safe,” Brazilian President Luiz Inacio Lula da Silva said after holding talks with his counterparts.


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