India set to become eighth largest shareholder in IMF

India is ready to become the 8^th largest shareholder in the IMF after quota reforms which are expected to be finalized at the agency’s annual meeting at Tokyo in October 2012. Once the quota reforms are put through, India’s share at IMF will elevate to 2.75% from 2.44%.

• Presently India is at 11^th position

India had committed to contribute10 billion dollars to the IMF’s 430 billion dollars bailout fund for the Eurozone. Some nations such as US have not yet ratified the proposal which is essential for its complete implementation. The matter of quota reforms was discussed at the G20 summit at Los Cabos and the world leaders had highlighted the need for prompt completion of the quota reforms to provide more power to emerging economies

Month: Current Affairs - June, 2012