Washington: Noting that G-20 is the premier forum for international economic co-operation, US Treasury Secretary Timothy Geithner has told lawmakers that the Obama
Administration is placing the forum at the centre of its global economic cooperative effort.
G-20 is a grouping of the 20 most powerful economies of the world including India.
"After decades in which cooperation was focused on a small number of the major industrial countries, we've made the G-20 the premier forum for international economic
cooperation," Geithner said in his testimony yesterday before the Senate Foreign Relations Committee, which had convened a hearing on global economy.
"We're working to strengthen the international financial institutions so they can play a more effective role in promoting our interests in global growth and development.
"As part of this, we are examining a set of reforms to improve internal governance in the institutions, to provide more focus on core priorities of development and to strengthen
the financial structure of the banks," Geithner said, adding that reform of the International Monetary Fund and the World Bank is at the top of their agenda.
"We're supporting a set of reforms to the governance structure of the institutions to increase the rights and responsibilities of our major trading partners and the most
populous, rapidly growing economies in the world," he said.
Bureau Report
First Published: Wednesday, November 18, 2009, 10:07