The US Congress has passed a legislation approving long-pending quota reform of IMF that will give more voting rights to emerging economies like India and China in the functioning of the organisation.

The IMF Quota and Governance Reform – would marginally reduce the voting share of traditional economic powerhouses like the US.

The reform gives more voting rights to countries like India and China – and is a much better reflective of the global economic scene was struck for the past several years as the Congress.

Christine Lagarde, IMF Managing Director, welcomed the adoption of legislation by the US Congress to authorize the 2010 Quota and Governance Reforms.