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BRIC wants greater role in IMF
Source: Agencies |
March 16, 2009, Monday
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Print Edition
Print Edition
THE BRIC nations - China, Brazil, Russia and India - have called on the United States and Europe to improve information sharing and demanded a bigger role in guiding the International Monetary Fund.
In a joint statement likely to be interpreted as a criticism of the main developed countries, the four said the US and the eurozone countries "should step up information sharing and policy coordination and work to ensure that macroeconomic policy is more balanced, proactive, coordinated and countercyclical with a view to promoting global economic recovery."
Developing countries have complained they are being sidelined in talks between finance ministers and central bankers from the Group of 20 nations, which have so far been dominated by divisions between Europe and the US over how to tackle the economic downturn.
In a communique released on Saturday, the four countries also called for significantly more resources for the IMF which lends to countries in financial trouble and said they wanted more voting weight in the Fund. "We call for urgent action with regard to voice and representation in the IMF in order that they better reflect their real economic weights," the quartet said.
US and European officials have agreed on the need to increase funding to the IMF so it can help countries in trouble.
But the G20, representing countries that account for more than 80 percent of the world economy, are in conflict over whether to use fiscal stimulus - big spending packages and tax cuts - or better regulation to drag the world economy out of its slump.
In a joint statement likely to be interpreted as a criticism of the main developed countries, the four said the US and the eurozone countries "should step up information sharing and policy coordination and work to ensure that macroeconomic policy is more balanced, proactive, coordinated and countercyclical with a view to promoting global economic recovery."
Developing countries have complained they are being sidelined in talks between finance ministers and central bankers from the Group of 20 nations, which have so far been dominated by divisions between Europe and the US over how to tackle the economic downturn.
In a communique released on Saturday, the four countries also called for significantly more resources for the IMF which lends to countries in financial trouble and said they wanted more voting weight in the Fund. "We call for urgent action with regard to voice and representation in the IMF in order that they better reflect their real economic weights," the quartet said.
US and European officials have agreed on the need to increase funding to the IMF so it can help countries in trouble.
But the G20, representing countries that account for more than 80 percent of the world economy, are in conflict over whether to use fiscal stimulus - big spending packages and tax cuts - or better regulation to drag the world economy out of its slump.
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