HT Image
HT Image

'Reform of the IMF, WB and UN needed'

A 'mini-summit' of the Commonwealth have emphasised the need to reform the institutions built in the 1940s as they do not have adequate capacity to meet current challenges.
By HS Rao | PTI, London
UPDATED ON JUN 10, 2008 10:50 PM IST

A 'mini-summit' of the Commonwealth on Tuesday asserted that urgent steps are needed to bring about a major reform of the IMF, World Bank and the UN as the institutions built in the 1940s do not have adequate capacity to meet current challenges.

"We have agreed that we need a major reform of IMF, World Bank and the UN as the institutions built in the 1940s are not fit to meet the challenges of 2008," British Prime Minister Gordon Brown, who presided over heads of government of 10 Commonwealth countries, told newsmen at the end of the two-day session in London.

The summit also gave guidance to the Commonwealth Secretary General Kamalesh Sharma to develop an Action Plan on Reform of the International Institutions.

"The Commonwealth will work closely with the institutions concerned. To that end, we will work with the wider Commonwealth community, including at an extraordinary meeting of Commonwealth Heads of Government on September 24, 2008," a statement issued by the Commonwealth said.

Referring to the current financial turbulence and record levels of prices of food and fuel, the mini-summit said "These challenges have further illustrated the fundamental weaknesses of a number of today's international organisations that are charged with promoting economic stability and sustainable development.

"Such institutions do not have adequate capacity, governance structures, or in-built responsiveness either to anticipate or to address global needs in a timely fashion. In some cases, such as energy and the environment, there is an absence of institutions with the mandate to deal globally with these issues of global public policy."

"We intend to accelerate UN reforms and their effective implementation, as a matter of urgency, through lobbying and advocacy in the UN itself as well as other international fora," the mini-summit said.

It said the reform and building of new international institutions should be based on six guiding principles that include equal and fair representation of all the countries.

Institutions must enjoy the legitimacy not only of their member states but also of the wider international community in order to command confidence and commitment, it said adding the institutions must be flexible and their business must be transparent and accountable and they must be effective.

Noting that the effective management of the global environment is one of the most pressing international priorities of our generation, the mini-summit said "the impacts of environmental degradation are most starkly felt in the smallest, poorest and most environmentally vulnerable countries.

"A new system of environmental governance must be fully integrated with development priorities and concerns, and be responsive to the needs of these countries."

As the Commonwealth leaders met inside the Marlborough House, pro-LTTE and Pro-Sri Lanka demonstrators held a noisy protest outside the venue.

While the LTTE supporters sought suspension of Sri Lanka from Commonwealth claiming "Sri Lanka is a terrorist State", the pro-Sri Lankan demonstrators sought Commonwealth's help to protect democracy in Sri Lanka.

SHARE THIS ARTICLE ON
app
Close
US President Joe Biden adjusts his face mask while speaking in the State Dining Room at the White House in Washington, US. (Reuters)
US President Joe Biden adjusts his face mask while speaking in the State Dining Room at the White House in Washington, US. (Reuters)

Texas files first major lawsuit against Biden administration

Bloomberg
PUBLISHED ON JAN 23, 2021 07:46 AM IST
The suit highlights the clash between Biden’s pledge to reverse Trump’s efforts to clamp down on people in the US illegally and Republicans who want to continue those policies.
Close
The Joe Biden-led US government has applauded India for sending supplies of Covid-19 vaccine to a host of South Asian nations.(AFP)
The Joe Biden-led US government has applauded India for sending supplies of Covid-19 vaccine to a host of South Asian nations.(AFP)

US Prez Joe Biden respects successful ties with India: White House

By HT Correspondent, Washington/new Delhi
UPDATED ON JAN 23, 2021 07:10 AM IST
Biden and Prime Minister Narendra Modi have spoken once since the American leader’s election last November, and could again soon as the president begins calling counterparts in allied and partner countries
Close
The virus has killed at least two million people globally and continues to spread, but in China less than 5,000 deaths have been reported by authorities.(REUTERS)
The virus has killed at least two million people globally and continues to spread, but in China less than 5,000 deaths have been reported by authorities.(REUTERS)

Pride and caution in Wuhan on lockdown anniversary

AFP
PUBLISHED ON JAN 23, 2021 06:09 AM IST
A year ago Saturday, Wuhan shocked the world by ordering 11 million anxious citizens be confined at home, beginning a traumatic 76-day lockdown that underscored the growing threat of a then-mysterious pathogen emanating from the city.
Close
Japan, the world’s only country to suffer nuclear attacks, also does not support the treaty, even though the aged survivors of the bombings in 1945 strongly push for it to do so.(AP file photo)
Japan, the world’s only country to suffer nuclear attacks, also does not support the treaty, even though the aged survivors of the bombings in 1945 strongly push for it to do so.(AP file photo)

Nuclear powers stay out of first nuke ban treaty

By HT Correspondent, United Nations
PUBLISHED ON JAN 23, 2021 06:07 AM IST
The 30-nation Nato alliance is also not backing the Treaty on the Prohibition of Nuclear Weapons (TPNW), which is now part of international law and seen as a historic step to rid the world of its deadliest weapons.
Close
Trump is the first US president to be impeached twice, and the first to be tried after leaving office.(AFP)
Trump is the first US president to be impeached twice, and the first to be tried after leaving office.(AFP)

House to trigger Donald Trump trial process on Monday

By Yashwant Raj
PUBLISHED ON JAN 23, 2021 06:04 AM IST
The trial will take place as the Senate is in the conformation process for President Joe Biden’s cabinet members.
Close
Johnson added that all the current evidence showed both vaccines remain effective against old and new variants.(REUTERS)
Johnson added that all the current evidence showed both vaccines remain effective against old and new variants.(REUTERS)

Covid-19 new variant causes higher mortality, says UK PM Boris Johnson

PUBLISHED ON JAN 23, 2021 06:01 AM IST
“We’ve been informed today that in addition to spreading more quickly, it also now appears that there is some evidence that the new variant - the variant that was first discovered in London and the southeast (of England) - may be associated with a higher degree of mortality,” he told a news briefing.
Close
Commuters walk past the Greyhound ticket office at Port Authority Bus Terminal, Friday, Jan. 22, 2021, in New York. The Port Authority of New York and New Jersey unveiled a proposal Thursday, Jan. 21, to rebuild and expand the embattled midtown Manhattan bus terminal. (AP Photo/Mary Altaffer)(AP)
Commuters walk past the Greyhound ticket office at Port Authority Bus Terminal, Friday, Jan. 22, 2021, in New York. The Port Authority of New York and New Jersey unveiled a proposal Thursday, Jan. 21, to rebuild and expand the embattled midtown Manhattan bus terminal. (AP Photo/Mary Altaffer)(AP)

'Want to feel safe again': Americans lament slow pace of Covid vaccine rollout

Reuters
PUBLISHED ON JAN 23, 2021 06:00 AM IST
The United States is the nation hardest-hit by Covid-19, with 24.51 million cases and 409,987 deaths by early Friday morning. More than 4,000 Americans died of the disease on Thursday for the second day in a row.
Close
Outgoing US President Donald Trump addresses guests at Joint Base Andrews in Maryland on January 20, 2021.(AFP)
Outgoing US President Donald Trump addresses guests at Joint Base Andrews in Maryland on January 20, 2021.(AFP)

Trump impeachment trial to begin in Senate week of Feb 8: Chuck Schumer

Reuters
PUBLISHED ON JAN 23, 2021 05:55 AM IST
Senate Majority Leader Chuck Schumer said the trial could begin as soon as Feb. 9 - a Tuesday - and that McConnell was pleased Democrats had given Trump's defense more time.
Close
Elon Musk, founder, CEO, and lead designer of SpaceX, speaks at a news conference. (AP File Photo)
Elon Musk, founder, CEO, and lead designer of SpaceX, speaks at a news conference. (AP File Photo)

SpaceX plans to drill for natural gas near Texas launchpad

Bloomberg
PUBLISHED ON JAN 23, 2021 05:49 AM IST
The billionaire’s SpaceX intends to drill wells close to the company’s Boca Chica launchpad, it was revealed during a Friday hearing before the Railroad Commission of Texas, the state’s energy regulator.
Close
The National Guard said in a statement that it would not discuss coronavirus cases, but personnel were following Centers for Disease Control and Prevention guidelines.(AFP)
The National Guard said in a statement that it would not discuss coronavirus cases, but personnel were following Centers for Disease Control and Prevention guidelines.(AFP)

More than 150 inauguration National Guard test positive for Covid-19

Reuters
PUBLISHED ON JAN 23, 2021 05:44 AM IST
The official, speaking on the condition of anonymity, said the number of National Guard troops who tested positive could rise but was still a small fraction of the more than 25,000 troops deployed in city over the past few days.
Close
Members of the National Guard march towards the US Capitol in Washington, DC(Bloomberg)
Members of the National Guard march towards the US Capitol in Washington, DC(Bloomberg)

Lawmakers angered as US troops guarding Capitol forced to sleep in garage

AFP, Washington
PUBLISHED ON JAN 23, 2021 05:40 AM IST
  • Some members of Congress, noting that many of the troops came from their home states, voiced outrage.
Close
US President Joe Biden speaks about the Covid-19 response before signing executive orders for economic relief to Covid-hit families and businesses in the State Dining Room of the White House in Washington.(AFP)
US President Joe Biden speaks about the Covid-19 response before signing executive orders for economic relief to Covid-hit families and businesses in the State Dining Room of the White House in Washington.(AFP)

Biden warns Covid-19 toll can cross 600,000, urges Congress to pass rescue plan

AFP, Washington
PUBLISHED ON JAN 23, 2021 05:13 AM IST
  • Biden added that he was looking forward to working with both parties in Congress to "move quickly" on getting people help through his rescue plan.
Close
“I truly appreciate all that you do,” the first lady said. “The National Guard will always hold a special place in the heart of all the Bidens.”(AFP)
“I truly appreciate all that you do,” the first lady said. “The National Guard will always hold a special place in the heart of all the Bidens.”(AFP)

First Lady Jill Biden thanks National Guard members with chocolate chip cookies

AP, Washington
PUBLISHED ON JAN 23, 2021 04:34 AM IST
“I just want to say thank you from President Biden and the whole, the entire Biden family,” she told a group of Guard members at the Capitol
Close
The urgency to hold Trump responsible is somewhat complicated by Democrats' simultaneous need to get Biden's government in place and start quick work on his coronavirus aid package. (AP)
The urgency to hold Trump responsible is somewhat complicated by Democrats' simultaneous need to get Biden's government in place and start quick work on his coronavirus aid package. (AP)

Donald Trump impeachment headed to Senate, triggering trial

AP, Washington
PUBLISHED ON JAN 23, 2021 04:30 AM IST
Unlike any in history, Trump's impeachment trial would be the first of a U.S. president no longer in office, an undertaking that his Senate Republican allies argue is pointless, and potentially even unconstitutional.
Close
Concerns are that the ambiguous six doses will soon be factored in delivery numbers.(REUTERS)
Concerns are that the ambiguous six doses will soon be factored in delivery numbers.(REUTERS)

Spain discarding thousands of Pfizer vaccine doses for lack of right syringes

ANI, Madrid
PUBLISHED ON JAN 23, 2021 12:14 AM IST
The EU medicines regulator said in a guidance update on January 8 that low dead-volume syringes and needles with more effective space than standards ones must be used to get full six doses.
Close
SHARE
Story Saved
OPEN APP