Wednesday June 26, 2019
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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)

Next Story

South Korean Conglomerate LG Announces 3 Smartphones for Indian Market

LG W30 Pro features a 6.21-inch HD+ display with a 19:9 aspect ratio. The phone runs Android 9 Pie and is powered by the octa-core Snapdragon 632 SoC, paired with 4GB of RAM. There is also 64GB of onboard storage that is expandable via microSD card

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LG
LG logo. Wikimedia Commons

South Korean conglomerate LG on Wednesday announced three smartphones in its “W-series” — the LG W30, the LG W30 Pro and the LG W10 — for the Indian market.

The LG W10 comes with a price tag of Rs 8,999, LG W30 is priced at Rs 9,999 while LG W30 Pro would arrive soon in India.

“Today is a significant day for us at LG as we add three new smartphones to our product portfolio that are made in India. LG has always believed in bringing customized innovations that offers need-based propositions”, Ki Wan Kim, Managing Director, LG Electronics India said in a statement.

The LG W30 features a 6.26-inch HD+ display while W10 is equipped with a 6.19-inch HD+ display.

Both the smartphones are powered by the MediaTek Helio P22 processor along with 3GB of RAM and 32GB of internal storage.

LG
LG unveiled V40 ThinQ with 5 cameras few months back. Flickr

The W30 is equipped with a triple-camera setup. The phone comes with a combination of a 12MP primary low light sensor, 13MP wide-angle lens and a 2MP depth sensor. For the front, there is a 16MP selfie shooter.

The LG W10 is equipped with a dual-camera setup with a combination 13MP primary lens and a 5MP secondary shooter. For the front, it houses an 8MP selfie shooter.

Both the smartphones run on Android 9.0 Pie and both of them are equipped with a 4,000mAh battery.

Also Read: Google Maps to Alert Indians if Cab Drivers Deviate From Route

LG W30 Pro features a 6.21-inch HD+ display with a 19:9 aspect ratio. The phone runs Android 9 Pie and is powered by the octa-core Snapdragon 632 SoC, paired with 4GB of RAM. There is also 64GB of onboard storage that is expandable via microSD card.

The phone has a triple rear camera setup that comprises a 13MP primary sensor, 5MP secondary sensor, and an 8MP tertiary sensor. There is also a 16MP selfie camera at the front. (IANS)