The Brazilian president calls for a new world order in global economy, which gives developing countries more control over the World Bank and the IMF.

Luiz Inacio Lula da Silva, addressing the United Nations General Assembly on Wednesday, insisted that every country should play its role in overhauling the interdependent global economy.

"Because the global economy is interdependent, we are obliged to intervene across national borders and must therefore re-found the world economic order," he said, according to AFP.

Lula further underlined that the world leaders should go ahead with regulating the financial markets and putting an end to protectionism.

He called for international financial entities such as the International Monetary Fund (IMF) and the World Bank to be "more representative and democratic" and to give poor and developing countries a due share if they want to overhaul the global financial system.

"Poor and developing countries must increase their share of control in the IMF and the World Bank," he said.

Lula is going to represent his country as an emerging economy at the G20 summit later week in Pittsburg with US President Barack Obama hosting the event.

RB/MMN