United Nations, October 3:

India has demanded a lead role for the United Nations in giving direction to comprehensive reform of the international financial, monetary and trading systems to end their domination by a few rich countries.

“The democratic deficit in the international financial architecture can only be addressed through a fundamental reform of the quota structure,” Nirupam Sen, permanent representative of India, told the UN General Assembly. Describing it as an absolute necessity for the cr-edibility and legitimacy of international financial institutions, he said the UN sho-uld encourage, effective and time-bound steps for second stage of IMF quota reform.

Voicing concern at the suspension of the Doha Round of trade negotiations, Sen said developing countries’ problems are not beca-use of inadequate liberalisation or corruption but beca-use developed countries set the agenda and went back on their promises, thereby ensuring that the trade negotiations would be a history of broken promises. Demonstration of political will by developed countries will be required if negotiations are to be saved.