India To Push For IMF Quota Reforms At G20
Sydney: India will push for International Monetary Fund (IMF) quota reforms during the G20 Finance Ministers meeting beginning here, seeking to provide more voice to developing countries.
Australia, which is the running the Presidency of G20 meeting, said it will "actively lobby" with the U.S. to push through the quota reforms.
"We will actively lobby with the U.S. (over the issue of IMF quota reforms)...U.S. Congress must understand that it is in the interest of the U.S. to reform the IMF," Joe Hockey, Treasurer Australia, told reporters here on the sidelines of the Institute of International Finance conference.
The IMF quota reforms, which seek to increase the voting share of emerging economies, including India, had hit a roadblock, with the U.S. Congress refusing to increase the American contribution to the multilateral body.
Besides the IMF quota reforms, the G20 ministerial, which will be attended by Indian Finance Minister P Chidambaram and RBI Governor Raghuram Rajan, will focus on implications of the U.S. Federal Reserve tapering of bond purchases on emerging economies and the steps being taken by different nations to fight corruption and combat tax evasion.
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