IMF to take up quota issue
Washington: The IMF board of Governors meeting in Singapore later this month will take up the contentious issue of ad hoc increase of quota for China, Korea, Mexico and Turkey, that is being vehemently opposed by India.

The board of the fund had agreed on a two-year reform programme that will include adhoc quota increases for these four countries. This will now be sent to the board of governors for approval in Singapore, according to the managing director of IMF.
India's stance is that the initial ad hoc increase will only correct about one third of the very heavy underrepresentation of quotas. Many other countries are underrepresented too. These four cases were accepted by the Board.

Quotas determine how much influence member countries have in IMF decisions, how much money they contribute to the fund and how much they can borrow in times of financial crisis.
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