India and Britain pitched for quota and governance reforms in the International Monetary Fund – the IMF. In a joint statement issued in New Delhi yesterday after the meeting between UK Chancellor of the Exchequer George Osborne and Finance Minister Pranab Mukherjee during the Fifth ministerial level India-UK Economic Financial Dialogue, both countries said the funds of the multilateral lending agency should be adequately increased to help it play a meaningful role in mitigating global economic problems.

Both sides were of the view that quota and governance reforms of the IMF be implemented within the agreed timelines. Mr Mukherjee and Mr. Osborne agreed that while the global economy has stabilised in recent months, growth would remain subdued and at risk from a series of threats. Speaking to the media after the meeting, Mr. Mukherjee said that the discussions were fruitful and effective.
Echoing similar sentiments, Mr. Osborne also noted that the two countries are keen to enhance their two-way economic partnership.