Finance Minister Arun Jaitley meets IMF chief Christine Lagarde

Zee Media Bureau

New Delhi: Finance Minister Arun Jaitley on Friday met International Monetary Fund chief Christine Lagarde in the national capital.

Christine Lagarde is in Delhi for a three-day IMF conference that begins in the national capital today.

Finance Minister Arun Jaitley meets IMF Chief Christine Lagarde in Delhi pic.twitter.com/8iEjtyzOuj

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Lagarde was unanimously re-elected as the the chief of IMF for a second term last month. She will begin the second term in July this year.

Earlier today, the government said it will invest Rs 69,575 crore towards increasing India's quota in the IMF that will provide increased voting rights at the multilateral funding agency.

With the implementation of the long-pending quota reforms, four emerging nations -- India, Brazil, China and Russia -- would be, for the first time, among the 10 largest members of IMF.

In the Supplementary Demand of Grants moved by Finance Minister Arun Jaitley in Parliament today, the government has sought a grant of Rs 69,575.47 crore towards subscription to IMF for quota increase.

"After taking into account additional receipts of Rs 52,181.60 crore by issue of securities, monetising Rs 17,393.87 crore through India's SDR holding with RBI and saving of Rs 2,618.94 crore available in the revenue section of the grant. This supplementary will not entail cash outgo," as per the Supplementary Demands for Grants document.

Currently, India has voting rights of 2.34 percent at the IMF, which has 188 members. In terms of quota, India has a share of 2.44 percent.