Jaitley to urge quota reforms at IMF-World Bank meet in Peru

Finance Minister Arun Jaitley will reiterate India's call for quota reforms in the World Bank and International Monetary Fund and discuss recent trends in the global economy during his tour to Peru to attend the IMF-WB meetings October 7-11, an official statement said on Monday.

"The recent developments in the global economy, strategies and policy options to strengthen global recovery, financial stability issues and the stalemate in the implementation of the 2010 IMF quota and governance reforms are key issues that would be discussed at the IMF meetings," a finance ministry statement here said.

"The key issues of discussions during the World Bank meetings are the role of World Bank and the IMF to support the 2030 agenda for Sustainable Development Goals (SDGs), shareholding review of the World Bank and changes in the financing structure of International Development Agency (IDA)," it added.

Besides Jaitley, the meetings will be attended by Reserve Bank Governor Raghuram Rajan, Economic Affairs Secretary Shaktikanta Das and chief economic advisor Arvind Subramanian.

Jaitley will also address meetings of the Commonwealth finance ministers and G-20 finance ministers and will speak at the ministerial panel on climate finance, the statement said.

He will also hold bilateral meetings with the president of World Bank, and finance ministers of other countries, it added.

Last week, Jaitley raised the issue of bank structural reforms and increase in the capital base of the lending agency at a meeting here with World Bank managing director Sri Mulyani Indrawati.

India has been seeking voice and quota reforms in multilateral bodies like the World Bank and its private financing arm, the IMF.

Jaitley, who left for the 10-day visit to the US and Peru on Sunday, will return to India on October 14.