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Panels abound, for world's development

R C Murthy in Washington

The number of committees constituted in the international arena is mind-boggling and difficult to keep track as to which panel does what.

The International Monetary Fund has listed 13 panels, including the latest G-X group set up last year, which is to be rechristened G-20, on which India is expected to be coopted.

The G-20 is to focus on translating the benefits of globalisation into higher incomes and better opportunities for people all over the world.

The Interim Committee, known formally the Interim Committee of the Board of Governors on the international monetary system, comprising basically industrial countries, was established in October 1974. It mandade was to adivse the IMF's board of governors on supervising the management and adaptation of the international monetary system to changing needs.

Then there is the Development Committee, known formally as the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the transfer of real resources to developing countries.

Also set up in October 1974, it took the historic decision on Monday on enhanced funding for heavily indebted poor countries (HIPC-II).

The other 11 panels have the nomenclatures such G-5, G-8 and G-77. The Group of 7 took the decision last year after Pokhran II to impose economic sanctions against India and block loans from multilateral financial institutions like the World Bank and Asian Development Bank.

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