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India urges IMF, WB country quota reforms

India has made strong case for realigning country quota shares of IMF in line with changed global economic realities

Policy Pulse
Publish Date: Oct 10 2016 12:29PM | Updated Date: Oct 10 2016 12:29PM

India urges IMF, WB country quota reforms

India has once again made strong case for realigning the country quota shares of the International Monetary Fund (IMF) in line with changed global economic realities, an official statement.

 
"Union Finance Minister Arun Jaitley emphasized that there is a strong case for realigning quota shares with the changed global economic realities," the Finance Ministry said in a release in New Delhi on Jaitley's address at a closed door meeting of the International Monetary and Finance Committee (IMFC) in Washington. 
 
IMFC is a key body providing strategic direction to the work and policies of the IMF. 
 
"While expressing India's extreme disappointment with delay in completion of 15th General Review of Quota (GRQ) by Annual Meeting of 2017, the Finance Minister emphasized that the Fund should strictly abide by the new deadlines set for completing the 15th Review," it said. 
 
Jaitley participated in the plenary meeting of the Development Committee, which is the ministerial-level forum of the World Bank Group and the IMF for inter-governmental consensus building on development issues.