India Calls For Quota Reforms In IMF, Says Share Must Be In Line With Growing Economic Position

In the midst of protectionism, trade tensions and tightening of financial conditions challenging the world, India has called for reforms to the strengthening of institutions like International Monetary Fund (IMF), reports Business Line.

Economic Affairs Secretary SC Garg has reportedly called for quota reforms to ensure that the share of emerging economies increases in line with their growing economic position.

Garg also called for enhancement in the Quantum of Quota Resources and Realignment of Voting Shares so that Quota Shares of Emerging Market and Developing Countries (EMDC) increase in line with its growing relative economic position in the world.

He stressed on India’s support in the capital increase of the World Bank Group (WBG) with the expectation that it will deliver on its core development responsibilities articulated in the Forward Look.

The additional capital would be put to work expeditiously and leveraged to enhance International Bank for Reconstruction and Development (IBRD) lending volumes and International Finance Corporation (IFC) investments, he said.