UN, WB, IMF need urgent reforms: Nirmala

 

 

 

INSTITUTIONS such as United Nations, World Bank and International Monetary Fund need to be urgently reformed as they no longer speak for countries whose issues have remained unattended to for decades, Finance Minister Nirmala Sitharaman said. All these organisations will have to look at reforming themselves, she said here at Harvard Kennedy School on Tuesday. During the conversation with Professor at Harvard University Lawrence Summers at the talk organised by the Mossavar-Rahmani Center for Business and Government, Sitharaman said “while reforms in countries are happening in different stages, these global institutions have remained the way they have been for the last several decades”.

 

Many of them now no longer speak for countries whose issues have remained unattended to for decades together, whether it is on trade, security, monetary framework and on funding development, she stated. “There is a desperate need for all these institutions to be more transparent, represent and speak for countries which don’t get adequate representation; and therefore I would think that is something which has to happen immediately.”