G-24 supports India on IMF reform

Supporting India’s stand on quota reform in the International Monetary Fund, a G-24 ministerial meeting today called for at least five percentage point shift from advanced economies to emerging ones.Attaching great importance to ongoing discussions of governance reforms in IMF, a meeting of Ministers of Intergovernmental Group of 24 on the International Monetary Affairs and Development, said a significant realignment of quotas must be centerpiece of such reform.

“The Ministers reiterated that the goal for the 14th General Review of Quotas to be completed by January 2011 must be to bring about a shift of at least 5 percentage points from advanced economies to EMDCs. Ministers called on countries that have not yet done so to complete the ratification of the 2008 quota and voice reform,” said a communique issued after the meeting.


Comments are closed.