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IMF quotas may be reviewed at G20 meeting in South Korea

03 October 2010 03:43 (UTC +04:00)

Baku-APA. A decision to redistribute quotas of the International Monetary Fund may be made during a G20 ministerial meeting in South Korea on October 21-23, the Russian finance minister said, APA reports quoting RIA Novosti.
"This decision may be made not only at the [annual] IMF meeting in Washington [on October 7-8], but also during a meeting of G20 finance ministers in South Korea," said Alexei Kudrin, who met with IMF head Dominique Strauss-Kahn on Saturday.
"We have time until the end of this year, but we all want it to take place in October," he added.
The Russian minister said he "exchanged information" during his meeting with Strauss-Kahn, but "did not negotiate."
"All negotiations are conducted by working groups," he added.
Under the quota system, each of the IMF’s 186 member states is assigned a quota that determines its voting strength, the number of board seats and the amount of money it can borrow from the fund.
A plan is currently being discussed to give emerging powers a greater influence. The BRIC countries (Brazil, Russia, India and China) have proposed to redistribute 7% of IMF quotas in favor of developing nations, while the U.S. says 5% should be enough.