Washington : Marking a “historic” change at IMF, India, China and other emerging economies will now have more voting rights at the multilateral funding agency with the implementation of long pending quota reforms.
For the first time, the four emerging economies — India China, Brazil and Russia — would be among the 10 largest members of the International Monetary Fund. Besides, more than 6% of quota shares would shift to dynamic emerging markets and developing countries. It would also mark shift in shares from over-represented to under-represented IMF members.
Currently, India has voting rights of 2.34% at the IMF, which has 188 members. In terms of quota, India has a share of 2.44%. IMF Managing Director Christine Lagarde said these reforms would ensure that the fund is able to better meet and represent the needs of its members in a rapidly changing global environment.
