In recently concluded meeting of BRICS finance ministers and central bank governors on April 16, the finance minister Arun Jaitley said the unconventional monetary policies (UMP) need to be monitored by the IMF to minimize their impact on other economies. Countries are continuing to rely on UMP to do the heavy lifting. More importantly, it is imperative to complement them with fiscal policy support in economies that are large and not constrained by debt burdens, as well as structural reforms, both of which would impart durability to the recovery.

'There is also need for creating additional mechanisms to finance infrastructure in our economies as well as the developing world,' Jaitley said.  

On IMF reforms, Jaitley said,'We are deeply disappointed at the delays in implementation of the 2010 IMF Quota and Governance Reforms, notwithstanding commitments by the members for their early ratification at diverse global fora. These delays can potentially erode IMF’s credibility and effectiveness.  IMF is a quota based institution and its continued dependence on borrowed resources is neither desirable nor sustainable.'

'As regards interim options to take forward the reform process, pending the ratification of IMF reforms by USA, we believe that the proposal of delinking the Quota increase from governance reforms merits support. This option will to the maximum extent possible enable resourcing of IMF and deliver substantive shift of voting power to EMDS in line with 2010 IMF reforms.

'On the New Development Bank and Contingent Reserve arrangement, the Finance Minister said, 'India has ratified the agreements. We look forward to the ratification by all other countries. As regards the President of the Bank, we are in the final stages of nominating the candidate.'