G-20 may need to change, says IMF chief

G-20 may need to change, says IMF chief
AP
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First Published: Sat, Oct 03 2009. 12 39 AM IST
Updated: Sat, Oct 03 2009. 12 39 AM 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.
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First Published: Sat, Oct 03 2009. 12 39 AM IST
More Topics: IMF | Dominique Strauss Kahn | Africa | US | G-20 |