General background
The western supremacy which has persisted for the past two hundred years is slowly depreciating due to the shift of power towards the eastern region. The western states are losing the authority to sustain a multilateral order based on the set rules. In 2008 during the wake of great brash, the G20 leaders took initiative steps to reinforce the multilateral order, which included the reinforcement of the IMF and the World Bank governance. This was to reflect an increasing weight of the economy of the developing countries. It will be shown that the reforms at the IMF and the ...
