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?
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Dysfunctional system of economic governance.
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Anachronistic structure in multilateral financial institutions like World Bank and IMF.
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Multilateral institutions are mostly designed to privilege rich countries like WEF.
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Undue importance to Western world.
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Non-representation of Asia, Africa and Latin America
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Global institutions need a greater diversity of perspective and a better-balanced approach if they are to retain relevance this century.