Union Finance Minister Jaitley Pitches For Early Implementation of IMF Quota Governance Reforms

17 March, New Delhi

Finance Minister Arun Jaitley has pitched for early implementation of the 2010 International Monetary Fund, IMF quota governance reforms.

During his meeting with the visiting IMF chief Christine Lagarde Monday , Jaitley said that the Indian economy is fundamentally strong and forward looking.He elaborated on the reforms underway and the
commitment of the Government to accelerate growth while adhering to the path of fiscal discipline.

The Finance Minister said that IMF has a crucial role to play in calming economic agents and financial markets to minimize the volatility in international financial markets.

Ms Lagarde said that India is among the few major economies with a strong growth outlook. She said that growth in India has picked up, even as the world economy is faced with subdued demand conditions, particularly in Europe and Japan, and recent slowdown in China.

Jaitley and Ms Lagarde agreed to jointly host a high-level conference, called ‘Advancing Asia: Investing for the Future’, in March next year in India.

The conference will showcase the quick rebound by the Asia-Pacific region from the global financial crisis of 2008 and how India and several other countries in the region have grown rapidly since. This
will be the first time such an economic conference is being held in India.

During the meeting, issues relating to the Indian and the global economy, key priorities of Government of India as well as issues relating to the IMF quota and governance reforms were discussed.