Jaitley to pitch for quota reforms

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

The finance ministry stated Jaitley will be in Lima, Peru, on October 7-11 to attend the annual meetings of IMF and World Bank.

Besides, Jaitley will participate in a meeting of the finance ministers of the Commonwealth countries on Wednesday 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 ministry stated.

The meeting of the ministers of Commonwealth countries, under the chairmanship of South African 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.”

Adding: “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.”