G20 meet to end with likely agreement on broad basing IMF

The G-20 Summit is all set to wind up with a likely agreement on broad basing the IMF by raising the voting rights of countries like India, a demand passionately argued by New Delhi for years as part of new international financial architecture.

A draft of the communique of the day-long summit is believed to contain a proposal that would reduce the percentage of voting for developed countries by five, nearly making it equal with the developing countries.

The summit also reached a historic agreement to put the G20 at the center of their efforts to work together to build a durable recovery while avoiding the financial fragilities that led to the crisis.

The gathering established G-20 as the premier global economic forum reflecting a new world economic order in which emerging economies including India and China play a greater role.
 
The G-20 comprises eight advanced economies of the world including US, Japan, France  and Germany and emerging economies like India, Brazil and South Africa.

The draft communique also pledged to develop exit plans but not to withdraw the stimulus package until economic recovery is assured. Countries like India have been demanding that the stimulus plan which was announced in the London Summit should not be wound up.

Addressing the plenary, prime minister Manmohan Singh said the countries should commit not to undertake any premature withdrawal of stimulus.

"We must certainly plan for an orderly exit, when the time is right, but that time is not now," he said.