New Delhi: Finance Minister Nirmala Sitharaman expressed disappointment over the IMF not raising the quota. Addressing the annual meeting of the IMF, the Finance Minister said, "We are disappointed with not increasing the quota under the 15th General Review and not getting enough support". However, she called it an immediate setback and said that "we hope that the next round of review will be successful in increasing the quota. The IMF's quota is the main source of funds. The quota is divided by the four-point method.
The countries involved as members are seen in their GDP, economic openness, economic diversity and international reserves. The IMF's member country gets its quota, it's voting power etc., along with it increases the expectation of maximum financial support. The country joining the IMF is given an initial quota around the quota found to other member countries with its equivalent economic size and characteristics. It is reviewed every 5 years. India's quota in the IMF is 2.76 per cent. America's quota is the highest at 17.46 per cent, while China has a quota. Sitharaman has said about the trade agreement between India and the US that negotiations between the two countries are going on at full speed". She hoped that the agreement would be reached soon.
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