Christine Lagarde backs bigger role for India at IMF

CAIRNS: International Monetary Fund managing director Christine Lagarde on Sunday backed a reform of the multilateral body, which will give more say to countries like India and China in running the agency.
"International institutions have to mirror the state of the world and its changes," the former French finance minister said, adding that at the Financial Stability Board, IMF has decided to give more representation to countries such as India.
India and several other emerging market economies have for long demanded changes in voting rights of bodies like the IMF and the World Bank but developed countries such as the US have blocked any attempt.

Largarde said the changes depend on a ratification by the US Congress. "The composition of our board and governance of IMF and its reform is predicated on US Congress ratification. We very much hope that this will happen. It is overdue by two years and we will do whatever to convince necessity for this reforms."

Even the G20 recognized the concern. "IMF quota and governance reform remain a key priority for the G20 and we are committed to maintaining a strong and adequately resourced IMF. We continue to urge the US to ratify the reforms agreed to in 2010 by year-end and reaffirm our Leaders' agreement in St Petersburg and our agreement in April 2014," it said in a communique issued after a meeting of finance ministers and central bank governors.