G20 pledges to implement IMF reforms, fight protectionism (Night Lead)

LONDON - Finance ministers of the Group of 20 (G20) countries Saturday pledged to give India and other emerging economies a greater voice in the running of the International Monetary Fund (IMF) and other global financial institutions.

In their final communiqu issued here after Sep 4-5 meetings of the group representing 80 percent of world GDP, the finance ministers pledged to implement reforms to the World Bank by Spring 2010 and the next IMF quota review by January 2011.

They also welcomed the swift implementation of the $250 billion trade finance initiative aimed at keeping promoting global trade, declared they fight all forms of protectionism and pledged to reach an ambitious and balanced conclusion to the Doha Development Round.

We recognise that the IMF should remain a quota-based organisation; and as part of the reforms, the voice and representation of emerging and developing economies, including the poorest, must be significantly increased to reflect changes in the world economy, the communiqu said.

The finance ministers said they looked forward to substantial progress at the Sep 24-25 summit of G20 leaders in Pittsburgh, US.

Following demands by the finance ministers of Brazil, Russia, India and China (BRIC) Friday, the wider group of G20 finance ministers also pledged to move to an open, transparent and merit-based selection of the management of international financial institutions such as the IMF and World Bank.

The IMF and World Bank so far have been led by rich nations.

–Indo-Aian News Service