India To Get More Voting Rights At IMF
For long large developing economies like India and Brazil have been demanding a bigger say in the affairs and running of IMF. Finally, it seems their voice have been heard as the IMF board, in a recent in a recent proposal has made few changes in the voting structure of the 185-nation lending organization to make it more relevant.
The move is going to enhance the voting shares of emerging economies of India, China, Mexico, Brazil and South Korea. But it will also reduce the same voting shares of countries like Russia, Saudi Arabia, Venezuela, Chile, Argentina and Egypt. This is the first such change in the voting structure of the agency since its inception in 1944. The proposal pledges to increase each member’s vote by 3 times. Hence, India’s voting percentage will be 2.34 - up by a mere 0.42 share.