New Delhi, Oct 25: The Union Cabinet today approved the increase in India’s quota in the International Monetary Fund (IMF) as a result of the fourteenth general review of quotas.
When the fourteenth general review of quotas becomes effective, it will result in a major realignment of quota shares among members to better reflect the global realities.
All BRIC countries would now be among the 10 largest quota shareholders at the IMF.
India’s quota share at the IMF will increase from 2.44 per cent to 2.75 per cent, making it the eighth largest quota holding country at the IMF.
Significantly, India’s gain in terms of quota share is the seventh largest in this round of quota review. In absolute terms India’s quota will increase from SDR 5,821.5 million to SDR 13,114.4 million. (ANI)