10 hrs ago
Modi Calls for IMF, UN Reforms and Global Governance Overhaul
Prime Minister Narendra Modi said global institutions need to change because the world has changed.
He argued that organizations created long ago do not fairly represent today’s economies.
He particularly called for changes at the International Monetary Fund and the United Nations Security Council.
Modi said countries that are growing quickly should have more influence in global decisions.
He also said developing countries should help write rules for new technologies.
These technologies include artificial intelligence, biotechnology and quantum computing.
He proposed systems to track BRICS decisions and help seafarers in emergencies.
He said the main challenge is turning the group’s promises into real results.
Prime Minister Narendra Modi called for restructuring global institutions and proposed a 10-point governance reform plan.
Modi said IMF voting power, leadership positions and policies should better reflect current economic realities.
He urged time-bound negotiations on reforming the United Nations Security Council.
Modi called for developing countries to help shape rules for AI, cyberspace, biotechnology and other technologies.
He proposed a BRICS implementation mechanism and a Seafarers Emergency Support Network.
- Who
- Prime Minister Narendra Modi and leaders of the BRICS grouping.
- What
- Modi called for major reforms to global institutions and presented a 10-point action plan for international governance.
- Where
- At the BRICS leaders’ Summit; the article does not specify the location.
- When
- Saturday, during the 18th BRICS leaders’ Summit.
- Why
- Modi said institutions designed for an earlier era no longer reflect current economic realities, emerging technologies or the role of developing countries.
Key facts
- Proposal
- A 10-point action plan for global governance reforms.
- IMF voting power
- India currently holds 2.64% of the International Monetary Fund’s total voting power.
- Security Council
- Modi called for reform negotiations to have a definite timeline and clear outcomes.
- Emerging technologies
- AI, cyberspace, outer space, biotechnology and critical technologies were identified as areas requiring future rule-making.
- BRICS roadmap
- Modi proposed preparing a governance reform roadmap by the next summit.
- Implementation mechanism
- A proposed BRICS Continuity and Implementation Mechanism would track decisions, deadlines and implementation status.
- Seafarer support
- A proposed network would coordinate emergency medical aid, family communication and evacuation for seafarers.
Quotes
Narendra Modi
Prime Minister of India and concluding speaker at the BRICS summit
“It is clear from today’s discussions that the world’s transition cannot be carried out through old institutions. Representation, responsiveness, and rule-making are all necessary reforms.”
financialexpress.com
“The New Delhi Declaration adopted today gives a clear direction to our shared commitment. Now it is our responsibility to transform these commitments into strong results”
financialexpress.com
Sources
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