FM to attend Fund-Bank meet in US next month

Sep 17, 2010 |

New Delhi

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

Mr 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 October 8, official sources said here.

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

The meeting assumes importance for developing countries since the World Bank had earlier in 2010 agreed to increase the voting rights of developing countries by 3.13 per cent.

With this, the share of India would rise from 2.77 per cent to 2.91 per cent. IMF had also said it would finalise the quota reforms by the end of 2010. 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 G20, 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, sources said.

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