September 27, 2009 9:46 AM

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G-20 Summit accept India's demand for increasing voting rights in IMF & World Bank

As the world leaders at the G- 20 summit have decided not to withdraw the global stimulus package for revival of the world economy, India has scored a major victory with acceptance of its demand for increasing the voting rights of emerging nations in IMF, World Bank and other International Financial Institutions. The summit leaders adopted the move before winding up their meet at Pittsburg reflecting the importance of emerging economies in the crisis scenario. <br/><br/>The Prime Minister Dr. Manmohan Singh announced this at press conference in Pittsburgh at the end of the G-20 summit. He said developing countries wants a shift of 7 percent voting share to them but the G-20 has agreed to shift 5 percent quota as a compromise formula, which can lead to 50: 50 share. The Prime Minister said, the Summit also agreed that the countries should work for an early resolution of Doha round to counter protectionism. Dr. Singh allayed fears that the peer review process will constrain domestic policy making.<br/><br/>Dr Manmohan Singh has said that India seeks to normalise relationship with Pakistan but Pakistan should give up the use of terror as an instrument of state policy. On climate change, he said there is a broader agreement among key world economies but difficulties still remain in the path of successful negotiations on this issue.<br/><br/>On his way back from Pittsburg to Geneva, Dr. Singh celebrated his 77th birthday on board Air India Special Aircraft. AIR Correspondent Shailash Vyash covering the Prime Minister visit reports from Geneva that Prime Minister cut the cake alongwith his family members and received best wishes on board from the media and other officials. In an exclusive interview to AIR news Dr Manmohan Singh hoped that God to give him strength to serve the people well.<br/><br/>In their statement issued at the end of the summit, G-20 leaders said pledged to sustain policy response until a durable global economy recovery is secured. They said the process of recovery and repair remains incomplete. In many countries, unemployment remains unacceptably high. They said they cannot rest until the global economy is restored to full health and hard-working families the world over find decent jobs.<br/><br/>The gathering admitted that reckless behavior and a lack of responsibility led to crisis and they will not allow repeat of the situation. The one-day Summit adopted a framework for Strong, Sustainable and Balanced Growth without cycles of boom and<br/>bust and markets that foster responsibility, not recklessness.<br/><br/>Canada and South Korea will host G-20 Summits in 2010. Canadian Prime Minister Stephen Harper announced this in Pittsburgh.<br/><br/>Canada will host the G-20 summit in Muskoka, close to Toronto, which will take place alongside the G-8 meeting slated for June 25 to 27. A second summit will be held in Seoul in November 2010.<br/><br/>Prime Minister Dr. Manmohan Singh arrived in New Delhi after attending the G-20 Summit at Pittsburg. <br/><br/>

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