Brazil's Lula urges G20 to follow up reform pledge

BRASILIA, Nov 18 (Reuters) - Brazilian President Luiz Inacio Lula da Silva urged the Group of 20 leading economies on Tuesday to follow through on pledges to make international financial institutions more democratic.

Last weekend's summit of G20 leaders in Washington indicated a shift in the global paradigm to include developing countries in governing the world economy, Lula said. But the group now needs to deliver on its promises, he added.

"In the next meetings of the group, concrete, necessary steps to make financial institutions more democratic need to be put at the center of the debate," Lula told reporters after a lunch with Indonesian President Susilo Bambang Yudhoyono.

"Only with responsibility and transparency can we ensure that markets serve the collective interest and not the irresponsible profits of the few," Lula said.

There was widespread agreement at the Washington summit that countries like China, India, Brazil, Mexico and South Africa should have more say in institutions like the World Bank or the International Monetary Fund.

But there was little guidance on how a power-sharing arrangement might be reached or what regions might yield power to recognize emerging nations.

The first step toward truly multilateral global governance was a reform of the United Nations and specifically its security council, Lula said.

"We can no longer delay essential reforms (needed) to ensure peace and promote security," Lula said.

Brazil has been one of the most outspoken voices in favor of UN reform and seeks a seat on its security council.

G20 leaders agreed to meet again next April. (Reporting by Raymond Colitt; Editing by Leslie Adler)