International Monetary Fund (IMF) today promised to carry out further reforms that would open up the possibility of more powers in the fund for India.This week's vote in favour of more powers to China, Mexico, Turkey and South Korea was "not the end of our reforms on quotas, but the beginning of a process that will continue during the next year," Rodrigo De Rato, managing director of IMF, said.He praised India for having agreed to work with the multilateral institution to carry forward the second stage of reforms, which opens up the possibility of New Delhi getting more voting rights in the world body.In the second stage of reforms, broader adjustments for more emerging economies are planned and poorer members are likely to get more voting powers in the IMF.In Monday's poll, 90.6% of votes went in favour of an ad-hoc increase in quota for the four countries as a result of which India's voting rights got diminished to 1.91% from 1.95% along with reduction in powers for other countries.(PTI)
