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Russia to contribute at least $10 bln to IMF anti-crisis resources

April 22, 2012, 15:58 UTC+3

The G20 meeting stated the need for replenishing IMF resources by 430 billion dollars

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WASHINGTON, April 22 (Itar-Tass) — Russia’s contribution to the anti-crisis resources of the International Monetary Fund (IMF) that can be transferred to countries in need of financial backing, will total at least 10 billion US dollars.

Moscow plans to fix an exact sum by the G20 summit in Mexican Los Cabos next June, said on Saturday Russian Finance Minister Anton Siluanov, leading the Russian delegation at a meeting of finance ministers and central bankers of the G20 countries as well as at a session of governing bodies of the World Bank (WB) and the International Monetary Fund, which were held in the American capital.

“The G20 meeting stated the need for replenishing IMF resources by 430 billion dollars. Some countries expressed readiness to participate in the project. The volume of funds, on which agreement was reached, totaled 362 billion dollars,” Siluanov said.

According to the minister, “some countries, including Russia, have not determined the final size of their participation”. The minister noted that this question will be settled “prior to the G20 summit of heads of state in Los Cabos next June”.

Siluanov emphasized that “Russia does not turn down the earlier stated sum of 10 billion dollars”. However, according to the minister, “the final size of our participation will be fixed somewhat later, taking into account IMF needs”. “Approximately the same stand was taken by some other countries, including Brazil, India, China, Indonesia, Thailand and Malaysia,” the minister added.

The minister assured that “the decision on Russia’s participation in replenishing IMF resources has been taken, but the question on a sum will be discussed additionally, since we should decide on a sum at our government”. He also noted that “we shall orchestrate our stance with colleagues in the BRICS group and will jointly define our possibilities.

He also added that Russia does not count for any advantages in this connection. For instance, the minister continued, Moscow does not link this question with the reform of the quotas system at the IMF.

The understanding on appropriating 430 billion dollars to IMF anti-crisis resources was reached on Friday between the Fund management and G20 finance ministers. The Fund’s press service reported that out of this sum, countries of the European zone are responsible for 200 billion dollars, Japan for 60 billion.

Their contributions were also made by Britain, Saudi Arabia, South Korea, Switzerland, Sweden and other countries. The report says that the sum of 430 billion also presupposes contributions from Russia, China, India, Brazil, Indonesia, Thailand, Malaysia and other countries.

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