G20 countries expect International Monetary Fund quota reforms by 2019
HAMBURG: Efforts will be made to complete the quota reforms at the International Monetary Fund (IMF) by 2019, the G20 nations said on Saturday as they emphasised the need for representative global economic and financial institutions for sustainable development.
Quota reforms would provide more voice for emerging economies, including India, at the multilateral institution.
“We will enhance the international financial architecture and the global financial safety net with a strong, quota-based and adequately resourced IMF at its centre,” the nations said in their declaration after the two-day summit here.
“We look forward to the completion of the 15th General Review of IMF Quotas, including a new quota formula, by the Spring Meetings 2019 and no later than the Annual Meetings 2019,” it added.
The G20 nations stressed on the need for strong and representative global economic and financial institutions to underpin growth and sustainable development.
Stating that efforts would continue for a globally fair and modern international tax system, the G20 nations said they are committed to the implementation of the Base Erosion and Profit Shifting (BEPS) package.
“We look forward to the first automatic exchange of financial account information under the Common Reporting Standard (CRS) in September 2017.
“We call on all relevant jurisdictions to begin exchanges by September 2018 at the latest,” the declaration said.
Besides, the G20 countries agreed to advance the effective implementation of the international standards on transparency and beneficial ownership of legal persons and legal arrangements, including the availability of information in the domestic and cross border context. The grouping also expressed their commitment to mitigate greenhouse gas emissions through increased innovation on sustainable and clean energies.
“In facilitating well-balanced and economically viable long term strategies in order to transform and enhance our economies and energy systems consistent with the 2030 Agenda for Sustainable Development, G20 members will collaborate closely,” the declaration said.