FM Nirmala Sitharaman stresses on timely completion of IMF quota review

Finance Minister Nirmala Sitharaman on Monday held a virtual meeting with newly appointed IMF's Monetary and Financial Committee chair Nadia Calvino and stressed the need for timely completion general review of quotas of the International Monetary Fund to give more say to developing countries.

"Finance Minister Smt @nsitharaman and Ms @NadiaCalvino spoke about IMF's role in designing a targeted policy mix to address the trade-off between growth and stability," the finance ministry said in a tweet.

The meeting took place ahead of the upcoming Spring Meetings of IMF in Washington DC.

"Finance Minister Smt @nsitharaman emphasized the need for timely completion of 16th GRQ to address the under-representation of the Emerging and Developing Market economies in the Fund during her conversation with the new IMFC Chair, Ms

@NadiaCalvino," the minister said in another tweet.

As per an IMF resolution, the 16th General Review of Quotas should be concluded by December 15, 2023. Any adjustment in quota shares would be expected to result in an increase in the voting rights of emerging countries in line with their relative positions in the world economy.

It would likely result in an increase in the share of emerging markets and developing countries as a whole while protecting the voice and representation of the poorest members.

"Finance Minister Smt @nsitharaman apprised Ms @NadiaCalvino that India supports the efforts towards creating a permanent mechanism supported by the #G20 along with @WHO to address the gaps in pandemic preparedness and vaccine supply," it said.