Africa: Mbeki urges substantial reforms of IMF, World Bank

Thabo Mbeki, the president of South Africa, put his weight behind efforts to reform the IMF and the World Bank substantially. Addressing the G20 finance ministers and central bankers, Mbeki said the world's financial system, laid out in the Breton Woods arrangements after the war, have only served the minority interests of the world's leading economic powers. 'For a very long period we have had a multilateral system which in reality has been dominated of the many by the few,' he said.