Multilateral Institutions Division
Board of Governors:
- The Board of Governors of the IMF consists of one Governor and one Alternate Governor from each member country. For India, the Finance Minister is the ex-officio Governor on the Board of Governors of the IMF. Governor, RBI is India's Alternate Governor. The Board of Governors usually meets once a year to discuss the work of the respective institutions at the Annual meetings, which are generally held in September / October. These Annual Meetings have customarily been held in Washington D.C. USA, for two consecutive years and in another member country in the third year. Last Annual Meetings of the IMF and World Bank were held during September 23-25, 2011 at Washington D.C and the next Annual Meeting will be held in Tokyo from 12-13th October, 2012.
- Each spring, thousands of government officials, the private sector, journalists, civil society representatives, and other interested observers gather in Washington DC for the Spring Meetings of the IMF and World Bank. At the heart of the gathering are meetings of the IMF's International Monetary and Financial Committee and the joint World Bank-IMF Development Committee, which discuss progress on the work of the IMF and World Bank. Also featured are seminars, regional briefings, press conferences, and many other events focused on the global economy, international development, and the world's financial markets. The 2012 Spring Meeting of the International Monetary Fund and World Bank Group was held in Washington D.C from April 20-22nd 2012.
International Monetary and Financial Committee:
- The International Monetary and Financial Committee (IMFC) of the Board of Governors is an advisory body made up of 24 IMF Governors, Ministers, or other officials of comparable rank, representing the same constituencies as in the IMF's Executive Board. The 25th Meeting of the IMFC was held at Washington D.C on 21st April 2012 and chaired by Mr. Tharman Shanmugaratnam, Deputy Prime Minister of Singapore and Minister for Finance.
- The day-to-day management of the International Monetary Fund is carried out by the Managing Director. The Board of Executive Directors, consisting of 24 Directors appointed / elected by member countries / group of countries, is the executive body of the IMF, of which the Managing Director is the Chairman. Ms.Christine Lagarde, former Finance Minister of France, is the Managing Director of IMF for a five year term beginning 5th July 2011 .There is one First Deputy Managing Director and three Deputy Managing Directors in place. Ms.Christine Lagarde, Managing Director, IMF last visited India during 19-22 March 2012.
- India is a founder member of the International Monetary Fund. It is represented at the IMF by an Executive Director, currently Shri Arvind Virmani, who also represents three other countries in India's constituency at the IMF, viz. Bangladesh, Sri Lanka and Bhutan.
India's Quota and Ranking:
- India's current quota in the IMF is SDR (Special Drawing Rights) 5821.50 million, giving it a shareholding of 2.44 %. Based on voting share, India (together with its constituency countries viz. Bangladesh, Bhutan and Sri Lanka) is ranked 17th in the list of 24 constituencies.
- The IMF reviews members' quotas once in five years and the last such review took place in December, 2010. India has already consented to its quota increase under the 2010 review and after the 2010 quota review comes into effect, our quota share will increase from the current 2.44% to 2.75%, making India the eight largest quota holding country at the IMF up from its previous position of being the 11th largest. In absolute terms, India's quota will increase to SDR 13,114.4 million from SDR 5,821.5 million (an increase of approximately US$ 11.5 billion or INR 56,000 crore). While 25% of quota increase (about INR 14,000 crore) is to be paid in cash (reserve currency), the balance 75% can be paid in securities. These securities are non-interest bearing note purchase agreements issued by RBI and can be encashed at any time required by the IMF. They do not entail any cash outgo unless the IMF calls upon India to encash a portion of these notes. The reserve asset portion of Quotas is counted as a part of country's Reserves.
Borrowings by India:
- India borrowed SDR 3.9 billion during the period 1981-84. Again during 1991 to 1993, India borrowed an amount of SDR 3.56 billion (SDR 1351.98 million under the Compensatory and Contingency Financing Facility and SDR 2207.925 million under Standby Arrangement). Repayment of all the loans taken from International Monetary Fund has been completed on May 31, 2000. India is now a contributor to the IMF.
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