Washington: The US expects India to play a greater role along with China and other major economies in tackling the current financial crisis and supports bigger responsibilities for it in the international financial institutions, treasury secretary Timothy Geithner has said.
“Just looking at what is happening at the world economy, I certainly expect India to play a greater role,” he told a group of select foreign journalists, including PTI, on the eve of US President Barack Obama’s departure for London to participate in the G-20 Summit on 2 April.
But what role countries like India would want to play, would depend on the governments, Geithner said. “Those judgements, those governments would have to make,” he said in response to a question.
Geithner insisted that the US is advocating for an acceleration of the completion of the next review of the IMF quotas to January 2011 in order to see a further shift in voice and vote to emerging market and developing countries.
These institutions should be better reflective of realties of the present time and have a more balanced sets of obligations and responsibilities, he said.
“We are committed to accelerate the quota review, and to lay out a clear roadmap to an agreement on set of that governance change; changes in voting rights and shares and responsibilities that come with change of that review,” he said in reply to a question related to India.
”In this context we would be looking at a whole range of options. I am sure that the countries of Europe and other countries would come up with their own view on how their interests could best be represented in that reformed governance structure,“ Geithner said.
The Treasury Secretary argued that each of the G-20 countries need to look carefully the challenges they face and make sure that “we are doing what is necessary, in our own country to help recovery established. And the power of each of our individual actions would be greater in moving together.”
Geithner said: “In this basic framework of strong support of recovery, commemorative financial repair, openness in trade investment side, support for the international financial institutions, as well on the reform agenda I think, there is a very strong basis of support consensus among the governments of the G-20; more support, I think, you have seen in decades.”