Sun, 22 Apr 2012 09:27:23 GMT

Call for urgent IMF quota, governance reforms

Washington: Reaffirming the urgency of making the 2010 quota and governance reforms effective by October to enhance the International Monetary Fund's legitimacy and credibility, its steering committee has called for an agreement by January 2013.

Call for urgent IMF quota, governance reforms

"We look forward to an agreement, by January 2013, on a simple and transparent quota formula that better reflects members' relative positions in the world economy," the International Monetary and Financial Committee (IMFC) said in a communique after a meeting here in Washington.

Finance Minister Pranab Mukherjee represented India on the 24-member committee that serves as the steering committee of the 188 member international lender.

Urging members to ratify the quota and governance reforms expeditiously, the committee said it "will ensure that the IMF has the tools and resources to effectively support the membership and welcome the directions in the Managing Director's Action Plan".

Any realignment is expected to result in increases in the quota shares of dynamic economies in line with their relative positions in the world economy, and hence likely in the share of emerging market and developing countries as a whole, the committee noted.

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