Describing the IMF’s inability to move ahead with quota reforms as the “first visible failure of the G20,” India today asked member nations to expeditiously ratify the changes to give emerging nations a greater voice. “This has reduced the credibility of G20.,” economic affairs secretary Arvind Mayaram said. It was agreed in December 2010 that the International Monetary Fund would implement the 14th General Review on reforms by January 2014. Once implemented, India’s share would increase to 2.75 per cent from 2.44 per cent currently. Mayaram also raised concerns of emerging economies over the impact of tapering. “There has to be a greater clarity and cooperation between the US Fed and emerging markets to ensure that tapering is done in a systematic manner so as not to destabilise whatever little stability has been achieved in the global economy,” he said.
