Barack Obama to push for higher share for India in IMF, other institutions

NEW DELHI: US President Barack Obama today affirmed his commitment to enhancing India's ' voice and vote' in global financial institutions like IMF.

Obama and Prime Minister Narendra Modi emphasised the importance of strengthening international financial institutions, including the International Monetary Fund (IMF), said a joint statement issued after a meeting between the two leaders here.

"The President also affirmed his commitment to enhancing India's voice and vote in international financial institutions and ensuring that resources are made available and used creatively through multilateral development banks for infrastructure financing," it said.

India has been pressing for higher voting rights in IMF which would reflect its growing influence in world economy.

The proposed quota reform in IMF, once implemented, will increase India's voting share from the current 2.44 per cent to 2.75 per cent, following which country will become the eighth largest quota holder at the IMF, up from the 11th position.

The statement also said that Modi appreciated the efforts of the US Treasury for co-operating with the Finance Ministry on the Task Force on Resolution Corporation, set up in pursuance of recommendations of the Financial Sector Legislative Reforms Commission.

The two leaders also expressed confidence that continued bilateral collaboration will increase opportunities for investment, improve trade and investment and lead to creation of more jobs and prosperity in both the economies.

In this regard, they agreed to continue to strengthen their broad-based partnership for development through stronger trade, technology, manufacturing and investment linkages between the two countries and triangular cooperation with partner countries.

They also instructed their officials to assess the prospects for moving forward with high-standard bilateral investment treaty discussions given their respective approaches.

Besides, the two sides agreed to hold discussions on elements required in both countries to pursue Indo-US Totalisation Agreement.