Reserve Bank Governor Shaktikanta Das said that there is an urgent need to enhance green capital flows while pitching for the completion of the general review of quotas at the International Monetary Fund (IMF) on Friday.
Speaking at a seminar on the global economy organised by the Ministry of Finance and the Reserve Bank of India (RBI) here, Das said recent experience suggests countries facing financial difficulties go to other bodies beyond the IMF because of "perceived stigma" or lack of access.
"A bigger and stronger IMF that is capable of managing the levels of country risks assumes crucial importance," Das said. He noted that since the IMF support to a country is linked to quota size of countries, "the sixteenth general review of quotas and its attendant requirements, including governance reform needs to be completed expeditiously".
Further, Das said there is a need to be mindful of the financial implications of green transition. According to him, there is also an urgent need to enhance green capital flows especially to emerging countries. He also said there is a need to develop a global debt data-sharing platform.