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IMF: India among its 10 largest members

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Washington: The International Monetary Fund’s (IMF) historic quota and governance reforms that India, China, Brazil and Russia have become a part for the first time among its 10 largest members.

The reforms also increase the financial strength of the IMF, by doubling its permanent capital resources to SDR 477 billion (about US$659 billion) from about SDR 238.5 billion (about US$329 billion) entered into force Tuesday.

Other top 10 members 188-nation agency include the US, Japan, and the four largest European countries – France, Germany, Italy, and Britain.

The reforms represent a major step toward better reflecting in the institution’s governance structure the increasing role of the dynamic emerging market and developing countries, according to the organization’s announcement.

The entry into force of these reforms will reinforce the credibility, effectiveness, and legitimacy of the IMF, it said.

The conditions for implementing IMF’s 14th General Quota Review, which delivers historic and far-reaching changes to the governance and permanent capital of the Fund, have now been satisfied, IMF said.

The amendment to the IMF’s Articles of Agreement creating an all-elected IMF’s Executive Board (Board Reform Amendment) entered into force on Tuesday.

The quota increases under the 14th Review, which were conditional on the entry into force of the Board Reform Amendment, are expected to come into effect in the coming weeks, IMF said.

“I commend our members for ratifying these truly historic reforms,” International Monetary Fund Managing Director Christine Lagarde said.

“These reforms will ensure that the Fund is able to better meet and represent the needs of its members in a rapidly changing global environment. Today marks a crucial step forward and it is not the end of change as our efforts to strengthen the IMF’s governance will continue.”

Main outcomes of the 2010 quota reforms:

.More than 6 percent of quota shares will shift to dynamic emerging market and developing countries and also from over-represented to under-represented members.

. The quota shares and voting power of the IMF’s poorest member countries will be protected.

. For the first time, the IMF’s Board will consist entirely of elected Executive Directors, ending the category of appointed Executive Directors. Currently, the members with the five largest quotas appoint an Executive Director.

. The scope for appointing a second Alternate Executive Director in multi-country constituencies with seven or more members has been increased to enhance these constituencies’ representation in the Executive Board.

As a result, 13 constituencies including both African constituencies are currently eligible to appoint an additional Alternate Executive Director.

. Advanced European countries have committed to reducing their combined Board representation by two chairs.

. Following the effectiveness of the 14th General Review of Quotas, the focus will now turn to work on the 15th General Review of Quotas and securing the necessary broad consensus, including on a new quota formula.(IANS)(image: bnm.org)

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Badshah: Indians Don’t Take Rapping Seriously

Sunidhi and Badshah will be judging the second season of the reality show "Dil Hai Hindustani"

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Badshah Says, Indian Don't Take Rapping Seriously
Badshah Says, Indian Don't Take Rapping Seriously, flickr

Rapper and music composer Badshah, who is excited about his new reality show “Dil Hai Hindustani 2”, says that rapping is not taken seriously in India as an art form.

Badshah was interacting with the media at the launch of Star Plus channel’s forthcoming reality show along with singer Sunidhi Chauhan on Monday.

Badshah, who has delivered some chart-busting rap songs like “Chull”, “Saturday Saturday” and most recent “Tareefan” is eager to spread awareness about rap as an art form.

Talking about it, he said: “Rapping along with dance and stand-up comedy is not taken seriously as an art form in India and this misconception should change.”

“That is one of the main reasons why I have chosen to be a judge on the show. But apart from that, I’m here to have fun as well, and have a better connection with the audience,” he added.

Badshah
Badshah, flickr

The rapper is also gearing up to produce Bollywood and Punjabi movies and also launching a web series soon through his production house.

Talking about the future of the digital platform, Badshah said: “I think it (digital media) is the future, so it’s very important for any production house right now to concentrate on digital media.”

Sunidhi and Badshah will be judging the second season of the reality show “Dil Hai Hindustani”, along with Bollywood singer and composer Pritam.

Also read: Malaysian Rapper’s Dog Video Sparks Claim of Insulting Islam

The show, which first aired in January 2017, provides a platform for people from all over the world and of varying age groups to showcase their talent in Indian music. (IANS)