India, China get more IMF voting rights

For the first time, the four emerging economies, India, China, Brazil and Russia would be among the 10 largest members of the International Monetary Fund. Besides, more than 6 per cent of quota shares would shift to dynamic emerging markets and developing countries. It would also mark the shift in shares from over-represented to under-represented IMF members.    

The much-awaited quota reforms, pending for many years, were approved by the US Congress in 2015. The 2010 Quota and Governance reforms were approved by the IMF’s Board of Governors in December 2010. 

Currently, India has voting rights of 2.34 per cent at the IMF, which has 188 members. In terms of quota, India has a share of 2.44 per cent. Others in the top 10 are the US, Japan, France, Germany, Italy and the UK. For the first time, instead of appointees, the board would have elected executive directors.

IMF Managing Director Christine Lagarde said these reforms would ensure that the fund is able to better meet and represent the needs of its members in a rapidly changing global environment.