New York, Oct 14 (IANS) Communist Party of India (CPI) leader D. Raja has called for reform and democratisation of the International Monetary Fund (IMF) and World Bank to ensure full participation of developing nations and achieve 'genuine' coordination to effectively meet current global financial crisis.
'We agree with the report of the UN Secretary General that reform of the governance structures of international financial institutions is critical to the integrity of the international financial system,' Raja, CPI national secretary and MP, told the financial and economic committee of the UN General Assembly Monday.
Arguing that in the global economic realities of today, traditional responses involving select developed countries cannot deliver the results, he told the delegates that the reform must enhance the voice and participation of developing countries in the multilateral institutions.
'The steps taken so far have been inadequate, and must be intensified,' he said, urging the UN to oversee the process of reforms given its 'unique role and legitimacy'.
Raja also stressed that developing countries should have the necessary policy space to implement policies suited to their unique circumstances, just as developed countries do, rather than face a restricted choice through conditionalities.
'Developed countries need to take effective measures to ensure that their commitments on development financing to developing countries are not diluted. Many developing countries will also need additional international support to address the impacts of the financial crises, as well as the food and energy crises,' he said.
He reminded the rich nations that the crises did not originate in the developing nations but are likely to feel its impact through overall slowdown in the economic growth.
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