Finance Minister P Chidambaram has called for urgent completion of the IMF quota reforms saying the delay is impacting its credibility, legitimacy and effectiveness. He said, the world body must immediately conclude the 2010 IMF Quota and Governance Reform, as well as complete the 15th General Review of Quotas and arrive at a new quota formula, by the due date of January 2014. Mr Chidambaram was speaking at the annual plenary meeting of the IMF Committee in Washington last night.

Challenging IMF's latest growth projection of a low 3.8 per cent for India for the current fiscal, the Finance Minister called for reviewing its methodology and questioned the credibility of IMF's surveillance activities. He said, the IMF's failure to identify certain risks and give clear warnings has demonstrated yet again the weakness of its surveillance framework. Mr Chidambaram said, the surveillance should be forward looking and it should forewarn the member countries of the impending threats, if any, to the global economy.