India wants realignment of voting rights at the International
Monetary Fund (IMF) to provide greater voice to under-represented
Bank of India (RBI) deputy governor Rakesh Mohan addressing
the World Bank-IMF annual meeting said, "The fundamental
(voice and quota) reform has to come by giving greater
share to the under-represented countries while that of
the over-represented countries would need to come down."
on quota and voice reforms, he said IMF needed to adopt
a simple, transparent and linear quota formula to meet
current global reality. He suggested a new formula, which
should take into account Gross Domestic Product (GDP)
computed entirely on purchasing power parity (PPP) basis
as half-way blending of GDP at market rate with GDP on
PPP would not meet the objectives of reforms.
broader representation of developing countries would enhance
the acceptability, ownership and effectiveness of the
Fund''s programmes and policies, he said in his address.