Indian PM urges developing countries to stand united for IMF overhauls

 Indian Prime Minister Manmohan Singh is urging developing countries to stand united, in order to foster reforms at the IMF, and other Bretton-Woods institutions. He adds that this process is not a "one-shot operation."

He said, "The reform of global institutions, and that includes the Bretton Woods institutions, has been high on the agenda of developing countries for a long time. But we have also to recognize that international relations, beyond a point, our power relations, and that those who wield power do not wish to yield ground very easily.

So, I am not very well-informed about what is going on with regard to the successor, to the Managing Director of the International Monetary Fund, but I do recognize that the struggle for the transformation of global institutions, including the Bretton Woods institutions, is not a one-shot operation. It is a long process, in which all the developing countries have to stand united."

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