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India assured greater say in global finance

Washington: India and other developing nations have been assured greater say in the affairs of the World Bank and the International Monetary Fund (IMF), even as New Delhi offered $10 billion to address the worst global crisis in six decades.

Attending a host of meetings here over the weekend, Indian interlocutors led by Planning Commission Deputy Chairman Montek Singh Ahluwalia also sought a hike in the country’s voting rights at the IMF and committed to make 2010 the “year of global economic recovery”.

Indian delegates, who also included Reserve Bank of India Governor D. Subbarao and Economic Affairs Secretary Ashok Chawla, participated at the spring-summer meetings of the IMF and World Bank, apart from the discussions among G20 Finance Ministers and central bank governors.

During the meetings, India proposed a three-point action plan for the World Bank to help fight the global slowdown.

“The changing dynamism of the global economy and the evolving weights of developing economies need to be reflected in the governance structure of the World Bank,” said Mr. Chawla said at the meetings.

According to Mr. Ahluwalia, India has agreed to contribute $10 billion as its share of the additional resources for the IMF, and made it clear it would be willing to contribute more if its voting rights were enhanced beyond the current 2 per cent.

“Our view is that our importance in world economy is more than 2 per cent,” Mr. Ahluwalia said.— IANS

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