The world's four most important emerging economies, including India and China, today warned that the International Monetary Fund (IMF) and the World Bank would become obsolete unless they reform themselves.
In a strongly-worded joint statement here at the end of a summit, BRIC (Brazil-Russia-India-China) leaders said they would press for a conclusion for the ambitious long-overdue reforms of these institutions.
"The IMF and the World Bank urgently need to address their legitimacy deficit...we call for voting power reforms of the World Bank to be fulfilled in the upcoming spring meetings," it said.
These four countries, which have emerged as important members of the G-20, are seeking greater voting power for the developing countries in multilateral institutions like IMF and the World Bank, which were born out of crisis after the second World War.
"The international community must deliver a result worthy of the expectations we all share for these institutions within the agreed time-frame or run the risk of seeing them fade into obsolescence," the BRIC leaders, including Indian Prime Minister Manmohan Singh said.
The leaders also underlined the importance of maintaining stability of major reserve currencies. "We underline the importance of maintaining relative stability of major reserve currencies and sustainability of fiscal policies in order to achieve a strong, long-term balanced economic growth."
Besides BRIC, leaders of IBSA (India, Brazil, South Africa), who met here on the same day, pressed for an employment-oriented economic recovery.
"The leaders reiterated the need to promote a job intensive recovery from the downturn and create a framework for sustainable growth," the IBSA declaration said.