FM Arun Jaitley to press for IMF quota reforms in Peru

NEW DELHI: Finance Minister Arun Jaitley will discuss recent developments in the global economy and lack of progress in the implementation of the 2010 IMF quota reforms during his official tour to Peru to attend IMF-World Bank meetings from October 7-11.

"The recent developments in the global economy, strategies and policy options to strengthen global recovery, financial stability issues and the stalemate in the implementation of the 2010 IMF quota and governance reforms are key issues that would be discussed at the IMF meetings," the Finance Ministry said in a statement.

The Finance Minister in his capacity as India's Governor on Board of Governors of IMF and the World Bank, leads the Indian delegation, the Finance Ministry said in a statement.

"The key issues of discussions during the World Bank meetings are the role of World Bank and the International Monetary Fund (IMF) to support the 2030 agenda for Sustainable Development Goals (SDGs), shareholding review of the World Bank and changes in the financing structure of International Development Agency (IDA)," the statement added.

Besides Jaitley, the Fund-Bank meetings will be attended by RBI Governor Raghuram Rajan, Economic Affairs Secretary Shaktikanta Das and Chief Economic Advisor Arvind Subramanian.

During his visit, Jaitley will also be addressing meetings of the Commonwealth Finance Ministers and G-20 Finance Ministers and will be speaking at the Ministerial Panel on Climate Finance.

The Finance Minister will hold bilateral meetings with the President, World Bank, and the Finance Ministers of other countries.

India has been pressing for voice and quota reforms in multilateral bodies like IMF and the World Bank so that emerging economies could have more say in the working of these institutions.

Jaitley, who left for the 10-day visit to the US and Peru on October 3, will return to India on October 14.