G20 replaces G8; developing nations gain clout in IMF, World Bank

The Group of 20 summit has agreed that the G-20 will henceforth be the premier forum for international economic issues - an important development broadening the global governance structure.

Developing countries, including India will get an additional five per cent vote in international financial institutions such as the International Monetary Fund (IMF) and World Bank. This was agreed upon at the end of the G20 summit at Pittsburg, US.

The shift in voting rights in the IMF could lead to a 50:50 power equation in the international financial architecture if not more in favour of the emerging and developing countries, prime minister Manmohan Singh said.

The summit also agreed that there would be no premature withdrawal of financial stimulus packages.

"We have had a very productive meeting in which there was a comprehensive discussion among the leaders on a wide range of issues, prime minister Manmohan Singh said at a press conference after the conclusion of G-20 meeting yesterday.

It was not a  "trillion dollar" summit. Its purpose was to review what has happened and chart the way forward, he said at the start of the conference.