India calls for urgent revision of quota of IMF
Washington: India today called for urgent revision of the quota of International Monetary Fund in favour of dynamic emerging market so as to reflect the ground realties of the world.
Union Finance Minister Arun Jaitley also expressed hope that this can be done as part of the 15th General Review of Quotas (GRQ).
Addressing the annual meetings of the International Monetary Fund and World Bank in Washington, he said, there is an urgent case for revising quota shares in favour of dynamic emerging market countries in line with global economic realities to maintain fairness in the governance structure of the fund.
He asserted every efforts should be made to complete the 15th Review by the agreed timeline of 2019 Annual Meetings.
In his address, Jaitley said the risks to global financial and economic stability have significant implications for IMF’s operations.