North Korea test fires another missileWorld May 29, 1:29
Russia’s Zvyagintsev wins Jury Prize at 70th Cannes Film Festival with his LovelessSociety & Culture May 28, 21:32
Three Russian tourists hurt is road accident with tourist minibus in TurkeySociety & Culture May 28, 18:58
Some 40,000 cyclists taking part in Moscow cycle paradeSociety & Culture May 28, 18:33
Corporation Irkut: MS-21 first flight performed in routine modeBusiness & Economy May 28, 16:54
Ukrainian military launch more than 180 shells, mines on Donetsk within one dayWorld May 28, 16:36
Minister: Russia may supply 1,000 MC-21 planes to 2037Business & Economy May 28, 14:42
Lavrov: China, ASEAN interested in organization of Eurasian partnershipRussian Politics & Diplomacy May 28, 11:45
MC-21 airliner makes first test flight - sourceBusiness & Economy May 28, 11:00
MOSCOW, March 30. /TASS/. The vote and quota reform of the International Monetary Fund (IMF) has not made any progress in the past four years due to the US Congress’ position, Russian Foreign Ministry Ambassador-at-Large Vadim Lukov said.
The BRICS grouping of leading emerging market economies (Brazil, Russia, India, China and South Africa) has a task to assist in every possible way to the efforts "to unblock the IMF’s reform, which has been marking time for four years due to the position of the US Congress," the Russian diplomat said.
"This situation cannot be tolerated, considering that the global financial system has undergone changes since the IMF was established," Lukov said.
The IMF was established by Western countries to implement their interests. But now the global economy has become a multi-polar system, prompting the need for a fairer vote and quota reform at the IMF, the Russian diplomat said.
The leaders of the G20 group of advanced and leading emerging market economies agreed in Seoul in 2010 on reviewing the IMF’s quotas in favor of emerging market and developing countries to better reflect ongoing changes in the world.
The IMF’s 14th quota review stipulates that the Fund’s quotas should be doubled from 238.4 billion Special Drawing Rights (SDRs) to SDR 476.8 billion. The review also envisages a more than 6% quota shift from over-represented developed countries to under-represented developing countries.
The United States, which has a quota of 17.69% of SDRs and 16.75% of votes, has not ratified the quota review until now.