Sitharaman pitches for strong, quota-based, adequately resourced IMF
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Finance Minister Nirmala Sitharaman on Saturday pitched for a strong, quota-based and adequately resourced IMF. He said that it is necessary to ensure this in view of the global financial security system and climate action. The 16th General Review of Quotas (GRQ) is expected to give a greater share to developing economies in the International Monetary Fund (IMF). As per the IMF proposal, the 16th GRQ should be completed by December 15, 2023. Any adjustment to the quota share is expected to increase the voting rights of emerging countries. Sitharaman expressed concern about the slowdown in global growth at the IMF Board of Governors meeting on the topic of dialogue on policy challenges in Marrakesh, Morocco.
He, however, said India remains the fastest growing major economy with growth of 7.8 per cent during the first quarter of 2023-24. He stressed the importance of the Global Sovereign Debt Roundtable in relation to rising global debt vulnerabilities. Finance Minister Nirmala Sitharaman reiterated her commitment to a strong, quota-based and adequately resourced IMF with climate action at the center of the global financial safety net, the Finance Ministry said. The Finance Minister stressed that a coordinated response by the global community will promote the spirit of Vasudhaiva Kutumbakam – One Earth, One Family, One Future, the ministry wrote on social media platform X.
The Finance Minister then reiterated the importance of quota reforms at the Plenary Meeting of the International Monetary and Financial Committee (IMFC) to ensure that the IMF has adequate resources, enhances its lending capacity and provides assistance to member countries in need. Get help accordingly.In her intervention, Sitharaman stressed the need for collective action on shared problems and said bilateral monitoring and capacity development of the IMF is important to provide appropriate advice to members.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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