US to raise India's voice at IMF

US President Barack Obama on Sunday affirmed his commitment to enhance India’s voice and vote in global financial institutions like the International Monetary Fund (IMF).

“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,” according to a joint statement issued after the meeting between Obama and Prime Minister Narendra Modi.

The proposed quota reform in the 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.

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

Modi appreciated the efforts of the US Treasury for cooperating with the Ministry of Finance on the Task Force on Resolution Corporation set up in pursuance of the recommendations of the Financial Sector Legislative Reforms Commission, Modi said.

The US president and Modi also affirmed their shared commitment to facilitating increased bilateral investment flows and fostering an open and predictable climate for investment. To this end, the leaders instructed their officials to assess the prospects for moving forward with high-standard bilateral investment treaty discussions given their respective approaches.

The president and the prime minister also welcomed the fifth annual US-India Economic and Financial Partnership Dialogue in February, in which the countries will deepen their dialogue on macroeconomic policy, financial sector regulation and development, infrastructure investment, tax policy, and efforts to combat money laundering and terrorist financing.
DH News Service