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- International Monetary Fund (IMF) executive board has approved a 50% quota increase.
- The executive board has approved a proposal to make a 50% increase in the quota allocated to members in proportion to their current quotas.
- The Board of Governors will now consider and vote on the proposal.
- The proposal will be effective only after consideration and voting by the Board of Governors.
- The proposal has come after the guidance from the International Monetary and Financial Committee at the 2023 annual meetings.
- Presently, India has a quota of Special Drawing Rights (SDR) of 13,114.4 million. This means India has a share of 2.75%.
- India is the eighth-largest quota-holding country in the IMF.
- On the basis of quota, India has 132,063 votes. This denotes a share of 2.63%.
- If the increase in quota is made effective, all these will grow.
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