India on Monday failed in its bid to prevent China and three other countries from getting more powers in the International Monetary Fund, with IMF's board adopting a controversial reform proposal that received overwhelming support from other members.
The resolution on quota and voice reforms was adopted with 90.6 per cent votes in favour and 9.4 per cent against it, it was officially announced in Singapore.
The move gives China, South Korea, Mexico and Turkey greater say in the Fund, including access to finance and voting powers. India, Brazil and 21 other countries voted against the proposal.
Eighty-five per cent of votes in the 184-member IMF was required for giving more powers to the four countries.