India and other emerging economies are likely to press for greater representation in the International Monetary Fund and World Bank at the annual meeting of the global financial bodies this weekend. Ahead of the annual meeting of the IMF and World Bank in Washington, a top US official indicated on Tuesday that greater representation of emerging economies in the bodies hinged upon their acceptance of greater accountability for the impact of their decisions on the global economy. A senior Treasury official said that it is important for the voice and representation of emerging markets to be expanded on the board of the World Bank and more generally at the IMF in order to better reflect the realities of the 21st century economy. Finance Minister Pranab Mukherjee will represent India at the meetings, where he and officials from other emerging markets are expected to push for an early resolution to the contentious issue of IMF reforms to reflect contemporary realities. At present, a country's voting power in the IMF is linked to its financial contributions and economic strength, besides other criteria, but countries like India, China, Turkey and Brazil are calling for a fundamental restructuring of the governance structure of the body.
News On AIR | October 6, 2010 2:53 PM
India likely to press for greater representation in IMF, WB