India to push for more space in IMF,WB

At the summit hosted by President Barack Obama,India will advocate reforms of the international financial institutions like World Bank and International Monetary Fund to keep pace with the ground realities of the changing world.

Brazil,Russia,India,China — the four countries in the BRIC grouping — and South Africa are seeking greater representation and voting rights at the IMF and the World Bank to reflect their growing economic clout.

With Financial market reform to be a central issue at the summit,Obama set the tone yesterday when he stressed the need for regulations to prevent another global economic crisis.

“We know we still have a lot to do,in conjunction with nations around the world,to strengthen the rules governing financial markets and ensure that we never again find ourselves in the precarious situation we found ourselves in just one year ago,” Obama said in his weekly radio address.

Ahead of the Pittsburgh meeet,German Chancellor Angela Merkel said,”We need to get well beyond the agreements made in London,” she said. “We can work towards ensuring a (financial) crisis like this is not repeated worldwide. That must be our goal.” The previous G-20 summit was held in London in April.