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Prime Minister Dr. Manmohan Singh on Thursday said that the current structures for global governance are inadequate in dealing with economic and political crises of our present. Speaking at the XVI Non-Aligned Movement (NAM) Summit in Tehran , Dr. Singh said: the NAM, representing the large majority of humankind, has been a powerful force for the promotion of global peace, security and development. Our shared objectives of working together to preserve our strategic space, ensure our social and economic development and strive for a more just and equitable world order remain as true and relevant today as they were in the past." "Today's structures for global governance remain driven by the power equations of the past. It is not surprising that they have proved inadequate in dealing with the economic and political crises of our present. The deficit in global governance is perhaps most stark in the sphere of international peace and security and in restoring just and fair economic and financial mechanisms," he added "We need new instruments of global governance to confront cross-cutting and trans-national challenges through coordinated global action. These include international terrorism, proliferation of weapons of mass destruction, the menace of maritime piracy, the growing threat to cyber security and the growing challenge of pursuing ecologically sustainable development while ensuring energy, water and food security," he added. Asserting that our movement should take the lead in building global governance structures that are representative, credible and effective, Dr. Singh said: "It is my sincere hope that the movement can agree on action to reform institutions such as the United Nations Security Council, the World Bank and the IMF." "Existing problems cannot be solved effectively without a greater voice for developing countries on issues such as global trade, finance and investment," he added. Emphasising that developing countries can be drivers of global growth, Dr. Singh said: "International financial institutions should therefore be encouraged to fund infrastructure development in the developing world in innovative ways. We should also urge that the current economic crisis should not lead to a dilution of development assistance flows from the developed world." "While we come together on the international stage, it is equally important for us to collaborate among ourselves in tackling problems and developing solutions that are best suited to our own circumstances," he added.

New instruments of global governance needed to deal with economic, political crises: PM