Advocating restructuring of global financial institutions, Commonwealth Secretary General Kamalesh Sharma on Monday said that the reform process has to be "inclusive and participative".

He said the Commonwealth was the first to raise an alarm over the looming financial crisis and pitched for reforms of the structures of international governance as a way to deal with the situation.

"The Commonwealth was the first to raise its voice about it (financial crisis) in June when we said that the world is in an unsustainable situation vis-a-vis its governance structure," Sharma said.

"We pointed out that globalisation of global assets has to be accompanied by globalisation of the governing structures as well," Sharma said at an interaction organised by CII.

The Commonwealth has been advocating reforms of international institutions particularly the United Nations, the International Monetary Fund and the World Bank, he said, adding that a rejig of environmental governance structure was also on the agenda of the 53-nation group.

"We have been in touch with the leaders of all these institutions in order to convey the priorities and the expectations of the members of the Commonwealth," Sharma said favouring the reform process to be "inclusive and participative."

"Everybody must be able to convey their concerns and their expectations," he said.

Sharma, who is on a visit to India, met Prime Minister Manmohan Singh and the two are understood to have discussed reforms of the international governance structures.