From the International Herald Tribune: The G-20 is meeting in England this weekend, with the developing nation members of Brazil, Russia, India and China asking for more representation in the IMF and the World Bank:
In a joint statement, the four nations said private investment is evaporating this year and next year and “it is imperative that multilateral financial institutions should expand their lending to offset the massive decline.”
Existing resources for the International Monetary Fund are “clearly inadequate and should be significantly increased” they said, asking the IMF to speed up efforts to raise up to $11 billion by selling 400 tons of gold.
They also warned the U.S. and the European nations that share the euro that they needed economic policies that were “more balanced, proactive, coordinated and countercyclical” to promote global economic recovery.
See past CDT posts on the G-20 summit.
