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India calls for global financial institutions’ reforms in time


India reminds for a committed global agenda as per Doha declaration

india-un-seatUnited Nations: India has called for timely reform of global financial institutions, saying it will give “real voice” and participation to developing countries.

Addressing a UN General Assembly session here on ‘International Financial System and Development’ yesterday, visiting Member of Parliament and senior Congress leader M Krishnasswamy said that improved regulation of speculative financial flows, better exchange-rate management, preventing global imbalances and promoting policy coordination must be prioritized.

He stressed that an early completion of the Doha development round of the World Trade Organization and elimination of trade distorting measures including agricultural subsidies in developed countries remain equally critical.

Stressing the need for global agenda he said, “At present, our collective ambition to craft a transformative agenda for the Post-2015 period does not seem to be matched by our commitment for mobilizing enhanced resources and for an enabling global environment conducive for this agenda,” he added.

He said in the post-2015 period, development cooperation would have to involve more than merely providing development finance to a genuine effort at creating a global system conducive to development itself.

“We must ensure an ambitious, scaled-up and comprehensive financing framework for the Post-2015 Development Agenda based on the principles and commitments enshrined in the Monterrey Consensus and the Doha Declaration,” he said.


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