India gets more voting rights in IMF reforms

Emerging and developing economies gained more influence in the governance architecture of the International Monetary Fund (IMF). India’s voting rights increase to 2.6 per cent  from the current 2.3 per cent, and China’s, to six per cent from 3.8, as per the new  division. Russia and Brazil are the other two countries that gain from the reforms. More  than six per cent of the quota shares will shift to emerging and developing countries  from the U.S. and European countries.

As part of the reforms, for the first time, the IMF’s Executive Board will consist  entirely of elected Executive Directors, ending the category of appointed Executive  Directors. Currently the members with the five largest quotas appoint an Executive  Director, a position that will cease to exist

The International Monetary Fund (IMF) is an organization of 188 countries, working to foster global monetary cooperation, secure financial stability, facilitate international  trade, promote high employment and sustainable economic growth, and reduce poverty around  the world. Formed in 1944 at the Bretton Woods Conference, it came into formal existence  in 1945 with 29 member countries and the goal of reconstructing the international payment system. With its headquarters at Washington D.C., its Managing Director currently is Christian Lagarde.