Jaitley to pitch for quota reforms at IMF meet in Peru

Finance Minister Arun Jaitley will pitch for quota and governance reforms in the annual meeting of the International Monetary Fund and suggest strategies and policy options to strengthen global economic recovery at the Fund-Bank meet in Peru later this week. 

A Finance Ministry statement said Jaitley will be in Lima, Peru, on October 7-11 to attend the annual meetings of IMF and the World Bank.

Besides, Jaitley will participate in a meeting of the Finance Ministers of the Commonwealth countries on October 7 in Lima to discuss the need for developing countries to be more active in global negotiations to prevent international tax avoidance and evasion.

During his visit, Jaitley will also be addressing meetings of the G-20 Finance Ministers and the Ministerial Panel on Climate Finance.

"The recent developments in the global economy, strategies and policy options to strengthen global recovery, financial stability issues and the stalemate in the implementation of the 2010 IMF quota and governance reforms are key issues that would be discussed at the IMF meetings," the statement said.

Beside, Jaitley will hold bilateral meetings with the President, World Bank, and the Finance Ministers of other countries.

The meeting of the Ministers of Commonwealth countries, under the chairmanship of South Africa Finance Minister Nhlanhla Nene, will be held ahead of the IMF-World Bank meet.

On the focus of the meeting, Commonwealth Secretary-General Kamalesh Sharma in London said: "This year's Commonwealth Finance Ministers meeting will pave the way for an important political discussion on global tax reforms." Sharma added: "Tax avoidance and evasion are global problems affecting all countries and therefore, require global solutions to be developed in an inclusive manner.

This is key to ensure solutions are implementable and politically supported."