Reform UN and its agencies for global economic revival, says India

India has called for restructuring and reforming of the United Nations and its various agencies like the International Monetary Fund and the World Bank, in order to overcome the effects of the global economic crisis.

"Any new thinking for a more sustainable global economic system has to be based on a conscious policy where there is a building up of the capacities of the poorer countries and regions to play a healthy and equitable role in tapping the potential of free market for their prosperity and advancement," minister of state for external affairs Praneet Kaur said.

Addressing the UN Conference on World Financial and Economic Crisis, being held at the UN headquarters in New York, she said for tackling the financial and economic crisis, both over the short-term as well as over the long term, reforming the structures of global governance is imperative.

She said reform is needed both at the United Nations and at its various agencies, including the International Monetary Fund and the World Bank.

Developing countries, she said, should be assigned greater role in the working of these global institutions while redefining the role of the global financial institutions to reflect contemporary realities.

"It is imperative that in key decisions and decision-making processes the voice and real participation of developing countries is substantially strengthened and increased," she said.