WASHINGTON: Amid continued financial crisis and early signs of recession appearing in the developed countries, India on Sunday asked multilateral funding agencies to play a vital role in global economic affairs to ensure more inclusive and sustainable globalisation.

This is an opportunity that must not be lost, therefore, no attempt should be made to rush through elements which would not meet long term purposes of this reform process," India''s Finance Minister P Chidambaram said in statement to development committee--joint committee of the board of governors of the bank and the fund (International Monetary Fund) on the transfer of Real Resources to the Developing Countries.

Chidambaram said the recent developments are certain to impact the global availability of financial resources of development, that developing countries (like India) "will suffer for no fault of theirs," he told the development committee.

The Indian Finance Minister''s statement was placed in the meeting by RBI Governor D Subbarao and Secretary Department of Economic Affairs Ashok Chawla in absentia.

However, they may be vulnerable to both first order and second order effects. Accessing financial resources may become more difficult and expensive. Flows of foreign capital may shrink.

On the other hand, a global recession will sharply contract the demand for exports of many developing countries, adversely affecting their growth prospects.

The developing countries will suffer for no fault of theirs" Chiadambaram has said in his Statement.