Tuesday, May 31, 2011

Indian PM urges developing countries to stand united for IMF overhauls

BEIJING,May 26 (Xinhuanet) -- Indian Prime Minister Manmohan Singh is urging developing countries to stand united, in order to foster reforms at the IMF, and other Bretton-Woods institutions. He adds that this process is not a "one-shot operation."
He said, "The reform of global institutions, and that includes the Bretton Woods institutions, has been high on the agenda of developing countries for a long time. But we have also to recognize that international relations, beyond a point, our power relations, and that those who wield power do not wish to yield ground very easily.
So, I am not very well-informed about what is going on with regard to the successor, to the Managing Director of the International Monetary Fund, but I do recognize that the struggle for the transformation of global institutions, including the Bretton Woods institutions, is not a one-shot operation. It is a long process, in which all the developing countries have to stand united."
(Source: CNTV)

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