Reforms in multilateral institutions – UPSC GS2

Context: Both India and China talked about reforms in international institutions at World Economic Forum.
Why are the reforms in the multilateral institutions are necessary?
  • Dysfunctional system of economic governance.
  • Anachronistic structure in multilateral financial institutions like World Bank and IMF.
  • Multilateral institutions are mostly designed to privilege rich countries like WEF.
  • Undue importance to Western world.
  • Non-representation of Asia, Africa and Latin America
  • Global institutions need a greater diversity of perspective and a better-balanced approach if they are to retain relevance this century.

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