BRICs need bigger role in Int'l financial institutions: Indian diplomat

13:26, April 13, 2010      

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BRIC countries (Brazil, Russia, India and China) should play a bigger role in international financial institutions, an Indian diplomat said.

After these countries successfully overcame the global financial crisis, "I think what we need to look at now is to find a greater voice in the management of international financial institutions, such as the World Bank and the IMF," said B.S. Prakash, India's ambassador to Brazil, in a recent interview with Xinhua ahead of the second BRIC summit to be held here on April 15-16.

That, he said, is "because our economies, although they are growing, although they are large, we did not have the representations, we did not have the voice, we did not have the decision-making power."

The second reason why the role of BRICs should be increased is that "we are better regulated," the diplomat said.

"I think in our countries we are better regulated, there is more transparency, there is better work in financial institutions, compared to some others," he added.

"I think people recognize today that you cannot take major decisions on these issues (exchange rates, or financial flows, or World Bank reforms) without involving countries like China, India and Brazil," said the diplomat.

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