Pranab to attend IMF-WB meet in US next month

Pranab to attend IMF-WB meet in US next month

New Delhi: Finance minister Pranab Mukherjee will visit the United States in October to take part in the annual Fund-Bank meet, which may among other things discuss giving greater say to emerging economies including India.

The annual meeting of the International Monetary Fund (IMF) and World Bank (WB) will take place in Washington from 8 to 10 October.

Mukherjee, who will be accompanied by finance secretary Ashok Chawla and chief economic advisor Kaushik Basu, is also expected to take part in the meeting of Commonwealth Finance Ministers in Washington on 8 October, official sources said.

The meeting assumes importance for developing countries since the World Bank had earlier this year agreed to increase the voting rights of developing countries by 3.13%.

With this, the share of India would rise from 2.77% to 2.91%.

IMF had also said it would finalize the quota reforms by the end of the year.

There is demand for greater voting powers to developing countries to reflect the changing world economic order.

A meeting of commonwealth finance ministers will discuss the potential relationship between this grouping and G-20, the sources added.

Also, the Commonwealth meet will discuss ways of promoting environmentally sustainable growth and tackling the challenges of small and vulnerable states in managing debt, the sources said.