India To Push For IMF Quota Reforms At G20
India is likely to vigorously push for early completion of the IMF quota reforms at the ministerial meeting of the G20, a club of rich and developing nations.
The IMF reviews members' quotas once in five years and the last such review took place in December 2010. India has already consented to its quota increase under the review and it would cost the exchequer Rs 14,000 crore.
Once implemented, India's share will increase to 2.75 per cent from 2.44 per cent currently, following which the country will become the eighth-largest quota holder at the IMF, up from 11th position.
Worried over the failure of the U.S. Congress to enhance contribution to the IMF, the multilateral funding agency postponed the 15th quota review by one year to January 2015.
"Given the delay (of the 14th round), the executive board has concluded that additional time will be needed to complete its work on the 15th review," IMF had said in a statement earlier.
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