India expressed disappointment over lack of support for raising quota in IMF : FM Sitharaman
India on Saturday expressed disappointment over the lack of support for raising the quota in the International Monetary Fund (IMF). The IMF quota is the main source of its funds. Addressing the IMF annual meeting, Finance Minister Sitharaman said, “India considers it disappointing to not get enough support on the issue of increasing quota under the 15th general review of quota”. Nirmala said, we consider it an immediate setback. We hope that the next round of review will be successful in the discussion of increasing the quota.
The quota is distributed by a four-point method. It takes into account member GDP, economic openness, economic diversity and international reserves. The IMF determines the maximum financial commitment, voting power, etc. in the quota fund received by the member country. When a country becomes a member of the IMF, other members with the same economic size and characteristics are given the initial quota around the quota received. The quota is reviewed every 5 years. However, it is sometimes delayed. India’s quota in the IMF is 2.76 percent and China’s quota is 6.41 percent.
America’s quota is the highest at 17.46 percent, due to which it holds 16.52 percent of the franchise. In addition, the Finance Minister hoped that the trade between the US and India would be concluded soon. He said that the trade agreement between India and the US is being negotiated at full speed. Sitharaman said on Saturday, ‘Actually I mentioned this to Finance Minister Mucchin, but the issue is being discussed by Commerce Minister of India and US Trade Representative Robert Lighthizer. The information that I have received is that the negotiations are going on at full speed and it is expected that the agreement will be reached soon.
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October 22, 2019