By Arvind Padmanabhan, IANS,
Los Cabos (Mexico) : Prime Minister Manmohan Singh Tuesday welcomed the effort to increase the corpus of International Monetary Fund (IMF) to help Eurozone countries but said the progress in hiking voting rights for countries like India was slow.
“I must point out that progress in quota reform is proceeding more slowly than raising resources,” the prime minister told the second plenary session of the G20 Summit in this resort town.
“I recognise that there are practical reasons why the quota reform agreed in 2010 will not be completed by the end of2012. But it must be done expeditiously thereafter,” he said.
“It is also important that the quota review schedule for January 2013 is completed in time. Quotas must reflect economic weights, in a manner that is simple and transparent.”
India, which Monday announced a contribution of $10 billion to the IMF, also wants the quotas — which determines how much money each country can draw from the fund — to be determined on the basis of purchasing power parity.
“This basic position should not be compromised in any way and we need to reiterate our position strongly,” the prime minister said.
(Arvind Padmanabhan can be contacted at [email protected])