Increasing share in IMF

The G20 communique[ku'myoo-ni,key(report,विज्ञप्ति)] on Monday backed India on the issue of quota reforms of the International Monetary Fund.

“We remain deeply thwarted[thwor-tid(disappointed,निराश)] with the continued delay in implementing the IMF quota and governance reforms agreed in 2010. The 2010 reforms remain our highest priority for the IMF and we urge[urj(force,मजबूर करना)] the United States to ratify[ra-ti,f(approve,स्वीकार)] these reforms as soon as possible,” the G20 communique issued at the end of the two-day summit, said.

Modi on Monday told the G20 leaders at the working session on resilience, “IMF should remain a quota based institution and not depend on borrowed resources. I hope that the ratification of the reforms of 2010 in the United States would be completed at the earliest.”

the G20 communique said, “We ask the IMF to complete its work on an interim solution that will meaningfully converge quota shares as soon as and to the extent possible to the levels agreed under the 14th General Review of Quotas. The 14th Review should be used as a basis for work on the 15th Review, including a new quota formula. We reaffirm our commitment to maintaining a strong, quota-based and adequately[a-di-kwut-lee(enough,पर्याप्तता)] resourced IMF. We reaffirm our agreement that the heads and senior leadership of all international financial institutions should be appointed through an open, transparent and merit-based process and we reiterate[ree'i-tu,reyt(repeat,दोहराना)] the importance of enhancing staff diversity in these organisations.

Once the review takes effect, India’s share will increase from the current 2.44 per cent to 2.75 per cent, following which the country will become the eighth largest quota holder at the IMF, up from the 11th position.

Emerging economies, like India, China, Brazil and Russia have been asking for increased voting rights in IMF, which would reflect their growing share in world economy.

In India, he said that the government and the Central Bank, are taking steps to further fortify['for-tu,f(strengthen,मजबूत)] the financial and banking sector.

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