A- A A+
Last Updated : Jan 27 2020 11:13PM     Screen Reader Access
News Highlights
PM Modi says, tripartite accord signed between Centre, Assam Government and Bodo groups will further protect the unique culture of Bodo people            Centre & Assam govt to provide 1,500 crore rupees assistance for economic development of community under agreement            Cabinet Secretary reviews situation arising out of coronavirus outbreak in China            Vice President M Venkaiah Naidu asserts, there is no scope for outside interference in India's internal matters            Government starts the process for sale of 100 percent stake in debt-laden Air India           

International News

Oct 19, 2019
9:07AM

IMF Members agree to double pool of money to aid distressed countries

imf.org
Global Finance Ministers yesterday agreed to double a key pool of money that the International Monetary Fund can use to aid distressed countries but again put off giving more votes to major emerging economies. The IMF has been working to restructure its voting shares to give more weight to growing economies like China, India and Brazil but some traditional powers have resisted since they stand to lose influence in the institution.

A statement said, despite a prior commitment to complete the new voting distribution before now, IMF membership at this week's annual meetings kicked the can down the road, committing instead to revisit the issue at the latest by December 2023. However, a new division of voting power would be expected to result in increases in the quota shares of dynamic economies in line with their relative positions in the world economy.

The Washington-based lender, founded in the wake of World War II, has traditionally been controlled by the United States and western European countries. But major developing economies, which account for a growing share of global GDP, warn that without a shift of the power structure the IMF risks losing legitimacy and the ability to influence economic policies. But the IMF's governing body did agree to a plan to shore up the crisis lender's resources, doubling to 500 billion dollars a temporary fund provided by 40 of the fund's 189 members.

The IMF gets most of its resources through member quotas but since the review was pushed back it will rely on the special fund, known as the New Arrangements to Borrow, NAB, to ensure it has sufficient resources to ward off a new crisis. The NAB was rolled back following the global financial crisis and the current iteration was approved for five years through November 2022.

IMF Managing Director Kristalina Georgieva said, she welcomes this high-level endorsement, which demonstrates the strong support of our membership for the fund's mission. 

 

   Related News

Live Twitter Feed

Listen News

Morning News 27 (Jan) Midday News 27 (Jan) News at Nine 27 (Jan) Hourly 27 (Jan) (2300hrs)
समाचार प्रभात 27 (Jan) दोपहर समाचार 27 (Jan) समाचार संध्या 27 (Jan) प्रति घंटा समाचार 27 (Jan) (2305hrs)
Khabarnama (Mor) 27 (Jan) Khabrein(Day) 27 (Jan) Khabrein(Eve) 27 (Jan)
Aaj Savere 27 (Jan) Parikrama 27 (Jan)

Listen Programs

Market Mantra 27 (Jan) Samayki 27 (Jan) Sports Scan 27 (Jan) Spotlight/News Analysis 27 (Jan) Samachar Darshan 26 (Jan) Radio Newsreel 27 (Jan)
    Public Speak

    Country wide 23 (Jan) Surkhiyon Mein 23 (Jan) Charcha Ka Vishai Ha 22 (Jan) Vaad-Samvaad 14 (Jan) Money Talk 14 (Jan) Current Affairs 24 (Jan)
  • Money Matters 27 (Jan)
  • International News 27 (Jan)
  • Press Review 27 (Jan)
  • From the States 27 (Jan)
  • Let's Connect 27 (Jan)
  • 360°- Ek Parivesh 27 (Jan)
  • Know Your Constitution 27 (Jan)
  • Ek Bharat Shreshta Bharat 27 (Jan)
  • Sanskriti Darshan 27 (Jan)
  • Fit India New India 27 (Jan)