NEW DELHI (Sputnik) — Indian Prime Minister Narendra Modi on Saturday called for the reform of the International Monetary Fund (IMF) to increase the quotas of the emerging economies in order to reflect the economic reality properly.
"Even now, IMF quotas do not reflect the global economic realities. Changing quotas is not an issue of increasing the power of certain countries, it is issue of fairness and legitimacy. The believe that quotas can be changed is essential for the fairness of the system <…> And therefore [I am] very happy that IMF has decided to finalize the next round of quota changes by October 2017," Modi said at the Advancing Asia conference held in Indian capital.
Within the framework of the reform, the share of the BRICS member states, including Brazil, Russia, India, China and South Africa, was increased up to 14,7 percent, while the decisions within the IMF could be vetoed by the countries, possessing 15 percent.
A member's quota determines the maximum amount of financial resources the country is obliged to provide, its voting power and access to financing.