FM embarks on US visit to take part in IMF meet

Finance Minister Pranab Mukherjee would leave for the United States on Tuesday on a five-day visit to take part in IMF and World Bank spring meetings, amid demand by the BRIC (Brazil, Russia, India and China) grouping for more voting power in return for a larger contributions requested by the International Monitory Fund.

The multilateral body needs more monetary firepower to deal with the current euro zone crisis and its possible impact on other economies of the world.

Emerging economies are willing to provide more money for the IMF war chest, but they want greater voting power in return and it is gradually turning out to be a topic of major debate among the member countries as the deadline to carry out voting reforms is just a year away.

IMF funding is also likely to be discussed jointly by the Group of Seven wealthy nations and the G-20 countries during the meetings of which Mukherjee will be a part, sources here said, adding India along with emerging economies may look for any funding commitment eventually tied to greater IMF voting power.