THE Bretton Woods institutions comprising the International Monetary Fund and the World Bank must be overhauled, Deputy Prime Minister Datuk Seri Najib Razak said.
Najib who arrived here on Thursday will put forward Malaysia’s view at the Asia Pacific Economic Cooperation (Apec) leaders meeting this weekend.
Malaysia has not been the only nation advocating the need for reforms at the two institutions as some countries at the recent G20 meeting in Washington also voiced out the need for more democracy within both the IMF and the World Bank which at present were largely controlled by the rich states.
Najib also said Malaysia would propose for a more open and transparent global financial and trading system, given the current world economic crisis brought about by the largely loose financial regulations in certain countries.
“The financial products in some of these nations are huge and they can impact the entire world,” he said here.
He said Apec member economies would expect their leaders to come up with a strong stand on how to handle the present global economic and financial crises.
Najib also said Malaysia hoped that no Apec member nation would resort to protectionism measures to weather the weak global economic environment. The subject was among those discussed at the Apec ministerial meeting.
The Apec ministers also reaffirmed their commitment to refrain from raising new barriers to trade and investment.
Earlier, Minister of International Trade and Industry, Tan Sri Muhyiddin Yassin said Malaysia would continue to monitor the situation and among others would ensure that the important small-and medium-enterprise sector would continue to have access to fundings.
Apec ministers shared the same view, saying that the grouping welcomed efforts by member nations’ export credit agencies to work together in supporting trade and investment in the region.
Source : NST