The International Monetary Fund (IMF) has announced to implement long due quota reforms. The US Congress has approved these reforms which give more voting rights to the emerging economies India and China.
- These reforms are implemented to increase the financial strength of the IMF, by doubling its permanent capital resources to SDR 477 billion
- The IMF reforms extensively help to increase the core resources and enable our country to react against the crises in more effective manner.
- IMF quota reforms were lately approved in 2010 but due to some reasons were not approved by the US congress and therefore unable to implement
- These are implemented to ensure that the fund is able to meet and represent the needs of its members in growth and in change in the situations of the economy.
- The top 10 members are the US, Japan, France, Germany, Italy, the UK, Brazil, China, India, and Russia
- The four promising market countries Brazil, China, India, and Russia will be among the 10 largest quota members of the IMF.
- India’s share to vote in IMF is now 2.69% lastly that was 2.34.
- The International Monetary Fund (IMF) is an international organization of 188 countries. Its headquartered is in Washington, D.C., it was formed on December 27 1945
- Function of IMF is to manage the international monetary and financial system and to monitor the economic and financial policies of its member countries.
Managing director of IMF-Christine Lagarde