IMF, World Bank, UN in need of urgent reforms: says Finance Minister

Boston: Top Institutions such as International Monetary Fund, World Bank  and United Nations  need to be urgently reformed as they no longer speak for countries whose issues have remained unattended to for decades, Finance Minister Nirmala Sitharaman said, adding that All these organizations will have to look at reforming themselves

During the conversation with Professor at Harvard University Lawrence Summers at the talk organised by the Mossavar-Rahmani Center for Business and Government, Nirmala Sitharaman said while reforms in countries are happening in different stages, these global institutions have remained the way they have been for the last several decades. When these institutions become more representative, Finance Minister said there would be more equitable distribution of resources, more concern for equitable development for growth. This whole dialogue which used to happen - north-south - looked as if it's moving towards irrelevance.

Many of them now no longer speak for countries whose issues have remained unattended to for decades together, whether it is on trade, security, monetary framework and on funding development, she said. She went on to say,  "There is a desperate need for all these institutions to be more transparent, represent and speak for countries which don't get adequate representation; and therefore I would think that is something which has to happen immediately. But the issues of north-south still remain. Development has not reached many parts of Africa, many parts of the small Pacific islands." she said.

 

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