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 here, 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”.
“We should make every effort to complete the 15th Review by the agreed timeline of 2019 Annual Meetings,” he asserted.
In his address, Jaitley said the risks to global financial and economic stability have significant implications for IMF’s operations, in terms of growing amplitude of financial crisis and owing to increasing vulnerability of the international monetary system (IMS) to emerging transitions and growing complexity of economic and financial linkages which could cause correlated financial crises/contagion – placing large demands on IMF resources. (AGENCIES)
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