close
This ad will auto close in 10 seconds

PM calls for decision on hike in voting rights

PM Manmohan Singh welcomed the effort to increase the corpus of IMF to help Eurozone countries but said the progress in hiking voting rights for countries like India was slow.



Los Cabos: Prime Minister Manmohan Singh on Tuesday welcomed the effort to increase the corpus of International Monetary Fund (IMF) to help Eurozone countries but said the progress in hiking voting rights for countries like India was slow.

"I must point out that progress in quota reform is proceeding more slowly than raising resources," the prime minister told the second plenary session of the G20 Summit in this resort town.

"I recognise that there are practical reasons why the quota reform agreed in 2010 will not be completed by the end of2012. But it must be done expeditiously thereafter," he said.

"It is also important that the quota review schedule for January 2013 is completed in time. Quotas must reflect economic weights, in a manner that is simple and transparent."

India, which Monday announced a contribution of $10 billion to the IMF, also wants the quotas -- which determines how much money each country can draw from the fund -- to be determined on the basis of purchasing power parity.

"This basic position should not be compromised in any way and we need to reiterate our position strongly," the prime minister said.

IANS

From Zee News

0 Comment - Join the Discussions

trending

photo gallery

video

DNA EXCLUSIVES

President-elect Kovind: Big mandate, bigger pressure

Ram Nath Kovind elected as new President: How it can help PM Modi en route 2019

World Bank treats road safety as public health crisis, so should we

Indian IT’s crisis of innovation: Industry has allowed arrogance to replace its original vision

DNA Edit: Privacy vs public safety