Logwritten
SATURDAY, MAY 26, 2012 8:28 PM IST

Istanbul: The head of the International Monetary Fund (IMF) said on Friday the Group of 20 may need to change to be more representative just a week after it was proclaimed the world’s premier economic decision-making body.

In particular, Africa should be better represented in the G-20, the IMF’s Managing-Director Dominique Strauss-Kahn said at a conference on the sidelines of the IMF and World Bank annual meetings here.

At the moment, only South Africa is a member among African countries. However, Latin America has three representatives - Argentina, Brazil and Mexico - in its ranks.

“We need to add some African countries,” Strauss-Kahn said. “It’s difficult to organize a global economy by letting 1 billion people in Africa out of the process.”

He did not specify which countries should be included or left out or whether the G-20 should be expanded.

The G-20 was established as a forum for finance ministers in 1999, when Bill Clinton was president of the United States, but remained in the shadow of the Group of Seven rich countries.

Strauss-Kahn said the G-20 was devised “not totally on a scientific basis.”

Since the crisis exploded a year ago, the G-20’s status has grown as world leaders tried to work out a coordinated response to the deepest recession since World War II.

Tags - Find More Articles On:
READ MORE ARTICLES BY:
blog comments powered by Disqus
Sebi curbs consent option
New norms are aimed at matching the gravity of the offence with penalties levied by the market regulator
Singh’s visit aimed at closer ties with Myanmar
Manmohan Singh will arrive in Nay Pyi Taw on Sunday and hold talks with President Thein Sein, others
ITC profit up 26% on price hike
The results should be viewed in the context of an economic slowdown, high inflation and the cascading...
2G scam | Promoters of Essar and Loop charged, get bail
The framing of charges by the special court of justice O.P. Saini, who is presiding over the 2G scam...
Anonymous hackers to attack from 9 June
Anonymous, the so-called hacktivist collective, had targeted Big Cinemas