ASEM calls for reforms in IMF

At the same time,leaders of 48 countries,which included Vice-President Hamid Ansari,attending the summit cautioned that the voting power of the poorest countries should be protected when voting rights were shifted. This,the leaders felt,would adequately reflect the relative weight and responsibilities of the IMF members in the world economy.

They added that they recognised that governance issues concerning the IMF should also be addressed. These include an open,transparent and merit-based process for the appointment of heads and senior leadership of international institutions,Fund Governors involvement in the strategic oversight of the IMF,staff diversity at senior and mid-level positions,voting modalities,and a representative and inclusive size of the IMFs Executive Board, the declaration said.