Lavrov emphasizes need for reform of international financial institutions

MOSCOW, December 10. /TASS/. Transition of the global economy to a new track necessitates the reform of existing institutions of international trade and finance, Russian Foreign Minister Sergey Lavrov said at a government hour in the Federation Council, the upper house of the Russian parliament.

"Despite all the difficulties of exiting the old [global economic] system, which is entrenched by a number of institutions—the International Monetary Fund (IMF), the World Bank (WB), and the World Trade Organization (WTO), this process is underway," the minister noted.

"Although new formats of cooperation, which are not dependent on the West, are being formed, no one is proposing to close the IMF, WB, or WTO. Simultaneously, a process of reforming them is underway. Or rather, it is not so much about the process, but the BRICS countries, and the majority of countries in the world as a whole, are demanding that the norms in force in these institutions be brought in line with the realities of the modern world, so that, for example, in the IMF, the number of votes of countries of the Global South corresponds to their actual economic weight," Lavrov said.

The Russian top diplomat pointed out in this regard that "quota reform is being artificially delayed by the Americans, who, through their tricks and pressure on sovereign states, continue to maintain a monopoly veto over any decisions made in the IMF."

According to him, during US President Joe Biden's tenure, this "resulted in absolutely unimaginable funding figures for the Kiev regime, contrary to all the principles that underlie this institution."

A similar situation is developing at the WTO, Lavrov noted.

"Because China is outperforming its competitors in global markets, including the United States, Washington has been blocking the filling of vacancies in the international dispute settlement body for many years, and a huge number of disputes that China brings in good faith in accordance with WTO rules are stalled there. Therefore, these structures also need to be reformed," he stated.