Five percent share in IMF is a compromise figure: PM

Last Updated: Saturday, September 26, 2009 - 11:09

Pittsburgh: The decision of the G-20 members
to shift five percent share to countries like India that are
under-represented at the International Monetary Fund in terms
of voting rights is a compromise figure, as New Delhi and
other emerging economies had sought a seven percent share,
the Prime Minister, Manmohan Singh, revealed Friday.

"It is a compromise figure," Singh told a news conference
at the conclusion of the G-20 Summit in Pittsburgh, during
which the Prime Minister also said the emergency financing for
the Fund has been successfully completed.

"We now have to address the issue of the Fund Quota
increase by early 2011. We have agreed to shift five percent
to countries that are under-represented," Singh said.

The Prime Minister said this is a compromise figure
because as of now the quota for developing countries is about
44 percent. "The BRIC countries, the poor countries, have
suggested a rebalancing to the extent of seven percent, in
which case the developing countries would have more than 50
percent," he said.

"So this is a compromise. The demand was seven percent,
we got five percent," Singh said.

Bureau Report

First Published: Saturday, September 26, 2009 - 11:09

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