`Developing nations deserve more say in global financial reform’

March 23rd, 2009 - 11:24 am ICT by IANS  

Beijing, March 23 (Xinhua) Developing countries deserve more say in the decision-making process for the reform of the international financial system, World Bank Vice President James Adams has said here.
“Developing countries as a whole are much more important to the overall functioning of the world economy… these countries have more important say in the decision-making and they should have much stronger voice than before,” said Adams, who is in charge of the bank’s East Asia and Pacific affairs.

“Coming along with increased economic participation should be larger involvement in setting the rules for the international economic system,” Adams said in an interview with Xinhua Sunday. He is in Beijing to attend the three-day 10th China Development Forum that started Saturday.

As for the World Bank, Adams said since the developing countries are playing more effective roles, they deserve to have stronger voice and larger participation in the bank.

Adams stressed that the voices of the poor countries should be heard consistently, adding that when issues are discussed, the developing countries should have the opportunity to make their views known.

He also noted that China, the biggest developing country, is one of the few large economies that are still growing.

“China sets a very good example,” he said, adding that China’s policy measures to date have been appropriately swift and forceful.

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