January 2016, Business
In long-pending reforms that came into effect, emerging and developing economies gained more influence in the governance architecture of the International Monetary Fund (IMF). India’s voting rights increase to 2.6 per cent from the current 2.3 per cent, and China’s, to six per cent from 3.8, as per the new division. Russia and Brazil are the other two countries that gain from the reforms.
More than six per cent of the quota shares will shift to emerging and developing countries from the U.S. and European countries.
The combined quotas — or the capital countries contribute — doubles to about $659 billion from about $329 billion.