Share the article
twitter-iconcopy-link-iconprint-icon
share-icon
ViewpointOctober 3 2016

Why India backs fast-tracking of the IMF's global quota and governance reforms

The IMF and World Bank must adapt their governance and quota reforms to reflect the growing global role of Asia and the rise of emerging economies, writes India's finance minister.
Share the article
twitter-iconcopy-link-iconprint-icon
share-icon

The implementation of the 2010 International Monetary Fund (IMF) quota and governance reforms, though delayed, is a milestone in extending the IMF’s effectiveness and legitimacy. However, even now, IMF quotas do not reflect the global economic realities, and the institution is still dependent on borrowed resources.

As a quota-based multilateral institution, the IMF’s prolonged dependence on borrowed resources is undesirable. It is imperative that the 15th General Review of Quotas (GRQ), including the quota formula, is suitably revised by October 2017, as per the agreed timelines. We must work together to achieve this objective.

To continue reading, join our community and benefit from

  • In-depth coverage across key markets
  • Comments from financial leaders and policymakers worldwide
  • Regional/country bank rankings and awards
Activate your free trial