November 23, 2024 12:35 (IST)
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New Delhi, Mar 12 (IBNS) Prime Minister Narendra Modi on Saturday said even now, IMF quotas do not reflect the global economic realities.
"Reform of global institutions has to be an on-going process. It must reflect changes in the global economy, and the rising share of emerging economies. Even now, IMF quotas do not reflect the global economic realities," said Modi addressing the conference organized by the Ministry of Finance and the IMF titled "Advancing Asia: Investing for the Future”.
In the presence of International Monetary Fund (IMF) Managing Director Christine Lagarde, Modi said: "Madam Lagarde, the long pending quota revisions agreed in 2010 have finally come into effect. The quotas of emerging countries will now better reflect their weight in the world economy. This will give them more say in collective decisions in the IMF.
"You have demonstrated exceptional leadership, in managing the tensions that emerged due to the delay. You played a major role in finally persuading all members to ratify the decisions taken in 2010," he said and then went on to add that "I am sure, the IMF will be able to build on this success."
"Change in quotas is not an issue of increasing the ‘power’ of certain countries. It is an issue of fairness and legitimacy. The belief that quotas can be changed, is essential for the fairness of the system. For poor nations to respect the legitimacy of such institutions, they must be able to aspire and to hope. I am, therefore, very happy that the IMF has decided to finalize the next round of quota changes by October 2017," said Modi.
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