Thursday October 18, 2018
Home Business India renews ...

India renews calls for urgent reforms in IMF, World Bank

0
//
73
Republish
Reprint

Lima: India reiterated its call for quota reforms in the World Bank and International Monetary Fund (IMF), a top official said on Sunday.

“India called for governance reforms in both institutions to reflect growing share of developing countries in global GDP,” tweeted economic affairs secretary Shaktikanta Das, who attended the IMF-World Bank annual meetings here.

“Both institutions highly appreciative of policy steps of India,” he said.

Addressing the plenary session of the IMF-World Bank meeting, Finance Minister Arun Jaitley had voiced strong reservation to unprecedented delay in implementing the quota reform of the IMF, saying the organisation will be constrained in meeting its obligations in absence of governance reforms.

Underlining India’s commitment to the UN Sustainable Development Goals 2030, Das said: “India stressed that developed countries’ contribution to climate finance should be from new and additional sources.”

Addressing the meeting of G-20 finance ministers and central bank governors in the Peruvian capital on Thursday, Jaitley called for unconventional ways to raise funds in the current context achieve the UN Sustainable Development Goals (SDGs) by 2030.

The secretary also said the developed nations’ think tank, the Organisation for Economic Cooperation and Development (OECD), in a presentation, appreciated India’s contribution to new initiatives in international taxation like on Base Erosion and Profit Shifting (BEPS).

“In a presentation, OECD appreciated India’s contribution to new initiatives in international taxation like BEPS project,” Das said.

Earlier at the Commonwealth finance ministers meeting here, Jaitley had welcomed the final guidelines on BEPS issued by OECD, which has also developed the common reporting standards.

The Indian finance minister also reiterated the need for global implementation of reciprocal information exchange under common reporting standards to tackle the menace of tax evasion and black money.

Earlier this week, the Paris-based OECD unveiled measures, including country-by-country reporting, a framework to end treaty shopping and curbing harmful tax practices through automatic exchange of information, in an effort to bring transparency in international taxation norms for companies.

(IANS)

Click here for reuse options!
Copyright 2015 NewsGram

Next Story

Earth Will Reach 1.5 Degrees Above Pre-Industrial Levels By 2030

Countries in the southern hemisphere will be among the worse off.

0
climate, global warming, celsisus
An aerial view of downtown San Francisco, California

The UN Intergovernmental Panel on Climate Change (IPCC) on Monday said the planet will reach the crucial threshold of 1.5 degrees Celsius above pre-industrial levels by 2030, precipitating the risk of extreme drought, wildfires, floods and food shortages for hundreds of millions of people.

In a report, the IPCC said that governments around the world must take “rapid, far-reaching and unprecedented changes in all aspects of society” to avoid disastrous levels of global warming, CNN reported.

The date, which falls well within the lifetime of many people alive today, is based on current levels of greenhouse gas emissions.

The planet is already two-thirds of the way there, with global temperatures having warmed about 1 degree Celsius. Avoiding going even higher will require significant action in the next few years, the report said.

climate, global warming, celsisu
A fisherman stands on his boat as he fishes at the Tisma lagoon wetland park, also designated as Ramsar Site 1141 in the Convention on Wetlands, in Tisma, Nicaragua. VOA

Global net emissions of carbon dioxide would need to fall by 45 per cent from 2010 levels by 2030 and reach “net zero” around 2050 in order to keep the warming around 1.5 degrees Celsius.

Lowering emissions to this degree, while technically possible, would require widespread changes in energy, industry, buildings, transportation and cities, according to the report.

“One of the key messages that comes out very strongly from this report is that we are already seeing the consequences of 1 degree Celsius of global warming through more extreme weather, rising sea levels and diminishing Arctic sea ice, among other changes,” said Panmao Zhai, co-chair of IPCC Working Group I.

Coral reefs will also be drastically effected, with between 70 and 90 per cent expected to die off, including Australia’s Great Barrier Reef.

climate, global warming, celsisus
Waves from Hurricane Florence pound the Bogue Inlet Pier in Emerald Isle, N.C. VOA

Countries in the southern hemisphere will be among the worse off, the report said, adding “projected to experience the largest impacts on economic growth due to climate change should global warming increase”.

“Every extra bit of warming matters, especially since warming of 1.5 degrees C or higher increases the risk associated with long-lasting or irreversible changes, such as the loss of some eco-systems,” CNN quoted Hans-Otto Pörtner, Co-Chair of IPCC Working Group II, as saying.

Monday’s report is three years in the making and is a direct result of the 2015 Paris Climate Agreement.

Also Read: Paris Adopts Climate Action Plan, Aims At Achieving A ‘Zero Carbon’ Future

In the Paris accord, 197 countries agreed to the goal of holding global temperatures “well below” 2 degrees Celsius above pre-industrial levels and to pursue efforts to limit it to 1.5 degrees Celsius.

More than 90 authors from 40 countries were involved in leading the report, helped by 133 contributing authors. (IANS)