from The BRICS Post:
Russian President Vladimir Putin said Russia will use its presidency in the G20 to strengthen the voice of the developing economies and change the International Monetary Fund’s (IMF) role.
“The IMF needs a thorough reform. This view is shared by all the shareholders of the Fund. The problem is that the IMF frequently fails to keep pace with the rapidly changing situation in global financial markets, first of all, when making efficient and timely decisions” President Putin said in an interview with RIA Novosti.
“Their implementation leaves much to be desired as well. A good example is the global financial crisis, which the IMF system failed to prevent,” added Putin.
The IMF should change in order to reflect the “current economic realities”, this is particularly true about the organisation’s voting system that should “enhance the role of developing countries.”
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