WASHINGTON DC, April 22 (Itar-Tass) —— Russia favors a clear and transparent formula of voting powers at the International Monetary Fund (IMF), according to Anton Siluanov, Finance Minister, head of the Russian delegation to the meeting of finance ministers and Central Bank heads of the G20 and the session of the World Bank/International Monetary Fund ruling bodies in Washington DC.
In his words, the Russian delegation suggested focusing on two main indicators, such as the GDP of a member country and the amount of international reserves.
“It was decided at the debates that the issue would be analyzed further,” he said on Saturday. “Initially, there were plans to adopt the quota formula before the end of this year. Hopefully, a decision will be found,” he said.
“The existent quota formula makes the voting share of Luxembourg comparable with the voting share of Pakistan and keeps it at approximately 25% of the Indian share and slightly less than the share of France,” Siluanov said.
“A number of states have proposed to continue the dialog, while countries with vast voting powers uninterested in the quota formula revision say that the existent system should remain in force,” Siluanov said. “Certain states of the BRICS Group (Brazil, Russia, India, China and South Africa) called for enlarging the GDP share in the IMF quota formula.”
Ministers of the IMF Board of Governors approved a new quota and voting share formula in 2010, but it did not enter into force as a number of parliaments, including the U.S. Congress, did not ratify it. Washington’s quota at the IMF nears 17%, which is a blocking share in the adoption of major decisions.
The reform 2010 upgraded Russia from the tenth to the ninth place in the IMF system, with its quota enlarged to 2.7%. The IMF top ten now includes the United States, Japan, China, Germany, the United Kingdom, France, Italy, India, Russia and Brazil.