David Lipton, the IMF's first deputy managing director speaking at the St.Petersburg International Economic Forum (SPIEF). The expert has agreed with a statement earlier made by Russia’s President Vladimir Putin that the IMF and its quota system require reforms. A few words about the President Putin’s words that Moscow will be advocating quota.We think that quota reform and governance reform at the IMF are very important. In the global economy emerging markets are becoming bigger and more important in the global economy and they should have a greater role in the IMF that is conjectured with their greater role in the global economy. Often the changes come with some delay because we only consider quota changes once every five or so years. But we are in the midst of making such a change. There is actually an agreement to adjust the quotas and that involves transferring about 6% points of membership claim from the overrepresented advanced economies to underrepresented economies which include a number of emerging market countries, not all but some are particularly underrepresented relative to their size in the global economy. Tags: Commentary, Business, Russia, World, IMF, IEF in St.Petersburg. Interview, IEF in St.Petersburg, Читать далее, Source: Voice of Russia.
