(Developing) Countries urge rich to avoid protectionism

Source: Taiwan News

Growing economies from Asia, Africa and Latin America urged rich countries Thursday to avoid protectionism and called for greater power for emerging markets in the World Bank and International Monetary Fund.

The G-24, which includes growing powers Brazil and India, said in a communique that continuing changes are needed at the IMF and World Bank to give a greater voice to developing countries. China, which sits in on the group's meetings as an observer, and others have complained that the two lending organizations have been dominated by the United States and European countries.

The communique said that the leaders and the senior management of the IMF and World Bank should be chosen in an open way without regard to nationality. They also pressed for a staff with broader diversity of nationality, gender, education and experience. Traditionally, Europe picks the IMF chief, while the United States chooses the head of the World Bank.

The G-24 also urged cooperation among rich and developing countries to sustain economic recovery and called for quick changes in financial regulations. It warned that the problems caused by the global economic crisis will likely last for a long time. The developing countries also asked donors to follow through on delivering promised aid.

Read more: http://www.etaiwannews.com/etn/news_content.php?id=1234971&lang=eng_news

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The G24 communique can be found at http://www.g24.org/04-10ENG.pdf .

The member countries of the G24 are: Algeria, Argentina, Brazil, Colombia, Congo DR, Ivory Coast, Egypt, Ethiopia, Gabon, Ghana, Guatemala, India, Iran, Lebanon, Mexico, Nigeria, Pakistan, Peru, Philippines, South Africa, Sri Lanka, Syria, Trinidad & Tobago, and Venezuela.