India today called for early completion of the International Monetary Fund (IMF) quota reforms to increase representation of the developing countries in the multi-lateral body.
"We must call for the earliest possible completion of the ratification process, so that the Fifteenth Quota Review can be completed in January 2014 as originally envisaged", Prime Minister Manmohan Singh said, expressing regret that the reform has not yet been finalised.
Aimed at improving the voting share of developing countries and achieving a better representation on the IMF Board, the reform of the international financial institutions has been a key part of G-20 agenda.
"We had hoped to be able to welcome ratification of the quota increase in the St Petersburg Summit, but that has not been possible", the Prime Minister said.
India currently has a voting share of 2.44 per cent in the Washington-based IMF. US has the highest voting share of 17.69 per cent.
Singh also made a case for active international cooperation for promoting investment in infrastructure in developing countries.
"Larger investments in infrastructure in emerging markets will increase the potential of these countries to grow more rapidly in the medium run and will also contribute to much needed global demand in the short run", he added.
