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    IMF, World Bank should consult developing economies before deciding on them: RBI official

    Synopsis

    Instead of imposing their decisions, IMF & World Bank should consider the realities of developing economies.

    RBI official said the top-down approach hardly produces any result as countries such as China does not even attend the meetings of IMF.
    BHUBANESWAR: Global financial institutions such as the International Monetary Fund (IMF) and the World Bank should consult developing economies before taking decisions on them, Reserve Bank of India (RBI) Executive Director Rabi Mishra said on Sunday.

    Instead of imposing their decisions on member states, the IMF and the World Bank should consider the realities of the developing economies, he said while speaking at the conclusion of the three-day Kalinga Literary Festival here.

    Mishra said the top-down approach hardly produces any result as countries such as China does not even attend the meetings of IMF.

    Decisions of the global financial institutions would be more inclusive if they adopt a bottom-up approach instead of just conveying the desires of the US and UK, he said.

    The RBI official further said financial regulations in India insulated the economy from the global economic crisis in 2008.

    On his recently published book 'Systemic Risk and Macroprudential Regulations', Mishra said coordinated approach in decision making is the key feature of a robust economy.
    (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

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    6 Comments on this Story

    bsrahmd 380 days ago
    On another note,politically, isn''t this what our States Govermants are asking of our Central Government in all matters. Don''t impose. Don''t top down . What is the sauce for goose is sauce for gander.
    Harivadan Dalal380 days ago
    Congratulations and thank you
    Shiv Nayanar380 days ago
    It should ALSO be remembered we are 2nd to None and if one looks at IMF and World BANK the chief or the Head of IMF and WB is always from Europe and the US. Does that mean others are incapable and they are the ONLY directs from TOP ORDER. INDIA should do a similar approach, just like it did to China by skipping CPEC or BELT project. it''s only after which the western world woke up followed by others to stop China from colonizing the world again its really a mature approach which INDIA should continue doing at every forum with a proper analytical approach. Jai Hind
    The Economic Times