Saturday, September 24 2005 11:28 Hrs (IST) - World Time -

Washington: The Group of 24, representing all developing country members of the World Bank and IMF, has called for a greater role and representation of developing countries in international financial institutions and debt write-offs for all low-income countries.

Chairman of the Committee, Paul Toungui, Minister of Economy of Gabon, said, "Today the developing countries' economies constitute half the world's economy but the power structure reflects the post-World War II state of the world."

He justified the debt write-off call for 'all low income countries' on the basis that all countries hold equal status in such world organizations.

The ministers called for strengthened fiscal adjustment in the US, stepped-up structural reform in Europe and Japan, increased exchange rate flexibility and financial sector reform in Asia and an improvement in the business climate in emerging market and other developing countries to increase investment.

They noted 'the lack of progress' towards achieving the Millennium Development Goals and reiterated the "urgent need to take concrete action to ensure that these goals will be met.

"They called upon all countries which have not yet met the UN target of 0.7 percent of gross national income" to do so.