If the IMF Charter is to be amended, the amendment cannot be with reference only to the issues thrown up by the recent difficulties of the industrial countries. We, in the developing world also find the present Charter unsatisfactory in many ways. Most important, we feel that the system of weighted voting and representation with weightage given in terms essentially of wealth and prosperity is an anachronism as it gives to more than 100 developing Members hardly one-third share in the total. The inequity of the situation has been aggravated in recent years when the same formula of weightage reflected in the voting structure has been made the basis for the distribution of special drawing
rights. ( SDR )
We also feel, Sir, that in the present preoccupation with major currencies, the central issues of the creation of SDRs beyond the present three years period is likely to be obscured. We regard the creation of SDRs as the greatest achievement under the auspices of the International Monetary Fund. We consider that there should be a continuing and regular creation of SDRs and action for the period beyond 1972 should be initiated immediately and decisions taken well before end of 1972. In this connection, I would also mention that we are dissatisfied with the progress made in the Fund on the consideration
of the proposal to link SDRs and Development Finance.
