BENGALURU: The International Monetary Fund (IMF) has given voting rights to India, China and other emerging economics at the multilateral funding agency with the implementation of long pending quota reforms. India is now among the top largest 10 members of the IMF, along with Italy and the UK besides fellow newcomers, Brazil, China and Russia, according to indiatimes.com.
The reforms by IMF represent a major step towards better reflecting in the institution's governance structure. This will reinforce its credibility, effectiveness and legitimacy. Besides, more than 6 percent of quota shares would shift to dynamic emerging markets and developing countries.
This would also mark the shift in shares from over-represented to under-represented IMF members. The IMF reforms that came into effect on Wednesday was approved by it in 2010, but was unable to implement it in the absence of its approval by the U.S. Congress, which it did last year. As a result of the quota reforms, four emerging market countries like Brazil, China, India and Russia will be among the 10 largest members of the IMF.
With the entry into force of the Board Reform Amendment and all other general effectiveness conditions met, members can now pay for their quota increases to make them effective. This process is expected to be substantially completed within one month. The reforms also mark a crucial step forward and it is not the end of change as efforts to strengthen the IMF's governance will continue.
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