India's voting power in IMF reduced vis-a-vis China, 3 others

New Delhi, Dec 19 (UNI) India's voting powers have decreased marginally along with other member countries of the International Monetary Fund (IMF) due to the modest ad hoc increase in the quota of four countries including China, Minister of State for Finance S S Palanimanickam said today.

Besides China, the other three countries whose voting powers were increased through a resolution relating to quota and voice reform, adopted by the IMF on September 18 last, were Turkey, South Korea and Mexico, he told the Rajya Sabha in a written reply.

"India was among the 23 countries that voted against the resolution," the Minister said.

However, since 90.6 per cent of the members voted in favour of the resolution, it was adopted as under the IMF's article of agreement, 85 per cent or more of the voting strength is required, Mr Palanimanickam added.

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