Finance

Finance

Russia to contribute additional $10 billion to IMF

20 June 2012 08:45 (UTC +04:00)

Baku â€“ APA-Economics. Russia will contribute an additional $10 billion for an IMF firewall meant to prevent future crises, presidential press secretary Dmitry Peskov said, RIA Novosti reported.

â€œItâ€™s $10 billion and President Putin has confirmed it,â€ Peskov said in a comment on the results of a mini-summit of the BRICS nations â€“ Brazil, Russia, India, China and South Africa â€“ at Los Cabos, Mexico, and in reply to journalistsâ€™ questions about Russiaâ€™s rumored $10 billion contribution.

Peskov said Russia believes that the planned injection of liquidity into a crisis situation would only remove the symptoms, not cure the disease. This is not a â€œsystemic solution.â€

â€œThe Russian side said it hopes the allocation of the funds will give Russia, as well as other contributors, an opportunity to influence the disbursement of these funds,â€ the presidential spokesman said. â€œIt also highlighted the need to search for strategic solutions to such deep problems.â€

Peskov also said the BRICS leaders expressed concern about the situation in the euro zone and agreed that the euro zone crisis could impact the global economy.

â€œMost of them have confirmed their readiness to contribute to the agreed measures,â€ Putinâ€™s spokesman said, adding that these measures include additional contributions to the IMF firewall fund and a reform of the IMF quota system.