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India calls for ‘quota-based resource base’ for IMF
Washington/New Delhi, April 22 (IANS) Calling for a timely review of the International Monetary Fund (IMF)’s quota system, India has urged for the creation of a robust quota-based permanent resource base for the multilateral lender to mitigate risks to the international monetary system.
The call was made by Union Finance Minister Arun Jaitley in his speech at the International Monetary and Financial Committee that was delivered in his absence on Saturday by Reserve Bank of India (RBI) Governor Urjit Patel.
Patel is leading the Indian delegation to the Spring Meetings of the World Bank and the IMF which bring together finance ministers and central bankers of member countries.
“A strong quota-based permanent resource base for the IMF would serve to strengthen the Global Financial Safety Net (GFSN) and mitigate risks to the international monetary system,” Jaitley said, as per the speech released by the Finance Ministry.
“We strongly support the shared multilateral commitment on completing the 15th General Review of Quotas (GRQ) by the 2019 Spring Meetings and no later than the 2019 Annual Meetings as we call for the realignment of quota shares of EMDEs (emerging market and developing economies) whose under-representation has increased further by 0.5 percentage points in the last update leading to under-representation of EMDEs by 7.5 per cent,” he said.
Jaitley said although the quota increases under the 14th GRQ, the renewal of New Arrangements to Borrow (NAB) and bilateral commitments have helped in maintaining the current lending capacity, the IMF would continue to require sufficient resources “to respond to actual, potential or prospective financing needs going forward”.
“We call upon the IMF to develop credible policy advice for rebalancing of the global economy while drawing attention to the adverse implications of policy spillovers on other countries,” Jaitley said.
“The intensifying challenges to multilateralism call for unequivocal and forceful voice of the IMF and the WTO (World Trade Organisation) in favour of rule-based international trading system and against protectionism,” he added.
In his address to the World Bank Development Committee Plenary on Saturday, Economic Affairs Secretary S.C. Garg noted that countries in India’s constituency in the World Bank — Bangladesh, Bhutan, India and Sri Lanka — are now the highest growing block in South Asia and in the world, with a combined GDP that will cross $3 trillion this year.
The Secretary expressed India’s support for the shareholding review, “including development of dynamic formula and the capital package”, the Ministry said in a statement.
On Saturday, the World Bank approved a $13 billion capital increase package that includes $7.5 billion of paid-in capital for the International Bank for Reconstruction and Development (IBRD), the group’s primary lending arm, and $5.5 billion for the International Finance Corporation (IFC), the group’s private sector lending arm.
Following the capital increase plan, the combined financing arms of the World Bank are expected to reach an average annual capacity of nearly $100 billion between fiscal year 2019 and fiscal year 2030, it said.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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