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| 5% share in IMF is a compromise figure: PM |
| Press Trust of India / Pittsburgh Sep 26, 2009, 13:05 IST |
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The decision of the G-20 members to shift five per cent 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 per cent 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 per cent 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 per cent. "The BRIC countries, the poor countries, have suggested a rebalancing to the extent of seven per cent, in which case the developing countries would have more than 50 per cent," he said.
"So this is a compromise. The demand was seven per cent, we got five per cent," Singh said.
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