The G20 group of nations is to provide additional funding for the International Monetary Fund, Russia's Deputy Finance Minister Sergei Storchak said© RIA Novosti. Denis Abramov
WASHINGTON, April 20 (RIA Novosti)
Russia will contribute about $10 billion in additional funding for the International Monetary Fund, Russia's Deputy Finance Minister Sergei Storchak said on Friday following a BRICS nations finance ministers' meeting in Washington.
Storchak said each of the G20 nations providing additional funding has a concrete suggestion for its share in the recapitalization fund, but only a total sum would be announced in the final declaration, and the individual states’ contributions would not be revealed.
“The BRICS insisted that there would be a stated sum without specifying who puts in what,” Storchak said, adding that President Dmitry Medvedev had approved Russia's additional funding.
"I assure you, the G20 will announce a final sum," Storchak said.
Storchak did not cite a figure but said the total "should suit (IMF chief) Christine Lagarde."
A decision on reform of IMF voting rights is still distant, Storchak added.
“We have already talked a lot about this at deputy ministerial level, for twelve years, but still have not arrived at the legal agreement which was agreed on at Seoul regarding quota reform,” he said.
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The growing outright rivalry between the United States and China gives Russia more foreign policy weight, enabling it to assume the role of a balancer. So far it has been doing so rather skillfully. Today it may participate in a joint naval exercise with China that Beijing positions as outwardly anti-American. But tomorrow it can team up with the naval forces of the Old World.