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Financial G20 calls for carrying out IMF quotas reform

July 20, 2013, 16:40 UTC+3

The IMF quota reform should be approved by the U.S. Congress

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MOSCOW, July 20 (Itar-Tass) - Finance ministers and heads of central banks of the G-20 countries have called for carrying out the IMF quota reform.

According to a communique adopted on the results of the meeting in Moscow on Saturday, the finance ministers and the heads of central banks said, “We confirm our commitment under which the distribution of quotas should show the share of the IMF member-countries in the world economy that changed considerably due to GDP growth in the forming market economies and the developing countries.”

“We also confirm the need to protect the right to vote of the IMF poorest member-countries within the real total quota revision,” the communique says.

The IMF quota reform should be approved by the U.S. Congress. The Russian Finance Ministry hopes that the U.S. Congress will resume discussions in the autumn.

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