Bangalore, Oct 27 (PTI) In the backof the global economic crisis, India, China and Russia today sought reform of international financial bodies like IMF and the World Bank entailing equitable voting powers to developing nations.

A meeting of the Foreign Ministers of the three countries also advocated that future G-20 Summits should be held by rotation in developed countries and emerging markets based on the principle of transparency and equity.

Reviewing the situation arising out of global financial crisis, External Affairs Minister S M Krishna, Chinese Foreign Minister Yang Jiechi and Russian Foreign Minister Sergei Lavrov felt that the international architecture was not in tune with current realities and favoured a reform, with representation to developing world.

In mulilateral funding agencies like World Bank and IMF, nations enjoy voting powers proportionate to their financial contributiuon.