MOSCOW, October 29. /TASS/. Russia and African countries consider reform of the International Monetary Fund (IMF), the World Trade Organization and the World Bank necessary, according to the Declaration of the Third Russia-Africa Summit.

The parties agreed to advocate comprehensive reform of the International Monetary Fund and the World Bank in order to ensure that the institutions operate based on the principles of depoliticization, equality and respect for the interests of all parties. They also called for greater African representation in the IMF and World Bank leadership, as well as a greater role for African countries in decision-making.

Russia and African nations also agreed to promote reform of the World Trade Organization to ensure an open, transparent, inclusive, non-discriminatory and rules-based trading system.

The parties emphasized the need to preserve the central role of the World Trade Organization and uphold fundamental principles, including consensus-based decision-making, most-favoured-nation treatment, and special and differential treatment for developing and least-developed countries.