India pitches for better BRICS coordination on IMF quota

India has pitched for greater coordination among BRICS nations on review of International Monetary Fund (IMF) quotas to give more say to developing countries.

As per an IMF resolution, the 16th General Review of Quotas should be concluded by December 15, 2023.

Any adjustment in quota shares would be expected to result in increase in the voting rights of emerging countries in line with their relative positions in the world economy.


Finance minister Nirmala Sitharaman, while chairing the BRICS Finance Ministers and Central Bank Governors Meeting on Tuesday, emphasised on the need for the five-nation grouping to respond to the COVID-19 crisis through policy support and enhanced international coordination.

The meeting was jointly chaired by Sitharaman and Reserve Bank of India governor Shaktikanta Das. As the BRICS chair for 2021, India’s approach for the group of nations focused on strengthening intra-BRICS cooperation, the ministry said.

The minister underscored the merit in engaging with the private sector and exploring innovative financing models, stating that the Prime Minister’s Health Insurance Scheme using an output-based funding model had triggered a major private investment cycle in health-care infrastructure, the statement said.

The meeting also saw discussions on various subjects including financial cooperation agenda set by India for 2021, New Development Bank activities, IMF reforms and the BRICS bond fund among others.