The G-20 nations have decided to enhance the quota of emerging markets by more than 6% in the multi-lateral lending agency. This has helped India to improve its ranking in the IMF.
The country will manage to improve three positions straight away to the 8th position in International Monetary Fund after this decision. On Saturday, the group of 20 nations has issued a statement over this policy and India’s IMF rank will go up. Finance Minister Pranab Mukherjee has informed this fact in a press release.
He has also said that the IMF reforms agreement has been finalized and soon there will be quota shares to dynamic EMDCs. Moreover, there will be 6% quota for the underrepresented countries and the voting share of the poor counties will be protected.
Now India is at 11th spot in the International Monetary Fund ranking. The Finance Minister has also said that the country will move up to 8th spot as per the recent quota system.
Mr. Mukherjee has also added that the quota share of India will improve to 2.75 per cent from its previous level of 2.44 per cent.