Monday, April 14, 2008

Changes in governance

Elitist white-man organizations have always been exceedingly hypocritical when dealing with developing nations. They pay lip service to the idea of equality especially between the developed and the developing world but have historically ignored the voice of the latter.

The IMF, despite being an international body, has always had a European Managing Director and has often come under tremendous criticism from economists who disagree with it's policies. But it is also the first major international organization that is attempting to reform it's governance and provide India with a larger share.

On April 28th a reform package will be voted on, that if agreed upon, will push India's position up to 11 on the 184 member country list, by increasing its quota share to 2.44% from 1.92% and its vote share to 2.34% from 1.88%.

One can hope that the World Bank, UN Bodies and other large international organization will begin the much needed reforms in their governance to provide the developing world, especially its powerhouses - India and China, a larger say.

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