Tuesday, September 19 2006 18:22 Hrs (IST) - World Time -

Singapore: A day after failing to stall enhanced powers for China and three others in IMF, India today said it was not sulking and promised to work with the Fund for further reforms that may increase its power as well in the multilateral institution.

"We are not sulking now that the vote has been taken, we promise to work with the management of IMF and the countries which supported the resolution.

At the same time, we will hold them to the promise that the second stage (of reforms) will begin now and they will work towards constructing more fair and equitable formula," Indian Finance Minister P Chidambram told sources in an interview.

He emphasised that the formula for allocating voting and other powers to countries in IMF must reflect the current economic status of various nations, including India now than what it was in 1944 when the IMF was established.

India, Brazil and 21 other developing countries voted against the resolution, which was adopted with 90.6 per cent votes going in favour, to carry out the first stage of IMF reforms that provides for ad-hoc increase in voting rights of four under-represented countries -- China, Mexico, Turkey and South Korea -- in the Fund.

In the second stage of reforms, broader adjustments for more emerging economies are planned and poorer members are likely to get more voting power in the IMF.