Expressing concern over the expected decline in World Bank loans, India has called for new solutions to the financial capacity to strengthen and those of the International Monetary Fund (IMF).
"We are concerned that the World Bank loans are expected to decline at this critical moment because of the limited financial capacity," Finance Minister Pranab Mukherjee told reporters at the IMF headquarters here.
"We therefore call for new solutions for the financial soundness of the Bank and IFC reinforce. We also have the bank's responsiveness to improve by more flexible and innovative policies and instruments urge," he said during the joint press conference the G-24 finance ministers.
He asked the bank to remain engaged with the Middle-income countries and to scale up resources and technical assistance for the development needs of the MENA countries in transition.
Mr. Mukherjee said G-24 believes that a significant increase in infrastructure investments needed to realize their growth potential.
"We call on the efforts to the existing architecture of global, regional and national institutions to strengthen the PPP and private sectors," he said.
The meeting of G24 finance ministers, said he discussed the global economy, reform of international financial institutions and financing of infrastructure and sustainable development.
"We had frank and fruitful discussions among themselves, including a brief interaction with the MD of the IMF and World Bank president," he said, adding that as part of the initiative and the role and effectiveness of the group to strengthen, they also had a briefing on the G20 under the Mexican presidency.
The G-24-release, he said, shows that despite the diversity of the group, they can find common ground.
"In the global economy, we remain concerned about the fragility of the recovery. Recent policies have reduced threats to the euro, but downside risks remain high, including high and uncertain oil prices," he said.
"The moderate growth of the global economy has a negative impact on growth in many emerging markets and developing countries. We believe that immediate and concerted actions are needed to restore confidence and growth," Mr. Mukherjee said.
The management of capital flows, Mr Mukherjee said that they have serious objections to the proposed integrated approach of the IMF staff and insist that policy makers should have flexibility to the policy they deem appropriate to deal with capital flows to take .
"We also call for measures to avoid excessive volatility in commodity prices to reduce both food and energy, which is undermining growth," he said.
"On the international financial institutions, we emphasize that the forward-looking commitments on IMF quota and governance reform must be met in full and timely basis," Mr. Mukherjee said.
IMF has the resources to play its part, but it still needs a quota-based institution, he said.
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