IMF keen to implement quota reforms: Lagarde
IMF chief Christine Lagarde, Tuesday said the multilateral agency is keen to implement quota reforms, which will give more voting rights to the under- represented nations, and proposal on that has been ratified by India and China.
New Delhi: IMF chief Christine Lagarde, Tuesday said the multilateral agency is keen to implement quota reforms, which will give more voting rights to the under- represented nations, and proposal on that has been ratified by India and China.
"Change is in the air", Lagarde said, adding that India and China are the leading members of the International Monetary Fund (IMF).
"Quota reforms we want to implement in the IMF. Both India and China have ratified the formal proposal for quota reforms and we are very soon to see many other countries (ratifying the quota reforms)... Change is in the air," she said.
The quota for a country at the IMF refers to its voting rights. India has a voting share of 2.34 percent at the IMF.
In December 2010, IMF's Board of Governors had approved a package of quota reforms, including the shift of over 6 percent of quota shares from over-represented to under- represented member nations.
Participating in a conference on growth in India and China, Lagarde noted that boosting trade between emerging nations is important for future.
There should be increased trade between emerging markets such as India-China and India-Brazil. "It is going to be the game of the day... We are looking at different alternative destinations for trade," she said.
"China is the key trader in the world, whereas India is a big player but lagging behind little bit... You are high in terms of services but in terms of products you are behind," she added.
On a two-day visit to India, Lagarde on Monday met Finance Minister Pranab Mukherjee and Commerce and Industry Minister Anand Sharma. The discussions mainly revolved around the global economic conditions.