Jaitley for more voice in World Bank for emerging economies

FM raises issue of a voice in reforms and hike in World Bank's capital base at a meeting with the latter's MD

Ahead of the annual meetings of the World Bank and International Monetary Fund in October, Finance Minister Arun Jaitley called for a greater say for emerging economies in the Bretton Woods-era institutions.

Jaitley raised the issue of a voice in reforms and increase in the capital base of the World Bank at a meeting with the latter's visiting managing director, Sri Mulyani Indrawati, on Thursday, the ministry said.

India has been seeking a and quota reforms in these multilateral bodies, so that emerging economies have more clout in the working of these institutions. Indrawati discussed the Bank’s agenda and strategy for achieving the twin goals of removal of global poverty and increasing of shared prosperity. She assured support for India’s development strategies.

Apart from Indian policies and finances, the statement said, the discussion covered the priority areas for Bank financing, schedules for the Bank's capital increase, procurement, environment and a social safeguards framework.

Indrawati is on a three-day visit to India, her second as MD. The meeting was attended by other senior officials of both sides. The World Bank and IMF’s annual meetings will be in Lima, Peru, on October 9-11.