FM Sitharaman stresses on timely completion of IMF 16th quota review

Finance minister Nirmala Sitharaman on Wednesday underlined the need for timely conclusion of 16th General Review of Quotas (GRQ) to provide greater say to developing economies in the International Monetary Fund.

As per an IMF resolution, the 16th General Review of Quotas should be concluded by December 15, 2023. Any adjustment in quota shares would be expected to result in an increase in the voting rights of emerging countries in line with their relative positions in the world economy.

Sitharaman made the comments during her meeting with MD of IMF Kristalina Georgieva who is visiting the country to discuss India's upcoming G20 presidency and IMF's support to India for the presidency.

"FM Smt. @nsitharaman emphasised the importance of timely conclusion of 16th General Review of Quotas GRQ) in a way that addresses inequity and imbalances in the global economy," the finance minister said in a series of tweets.

Georgieva agreed with Sitharaman that for the IMF to remain relevant, it i