IMF Managing Director Dominique Strauss-Kahn speaks about an overhaul of the institution's governance structure that will realign quota and voting shares of member countries, at the IMF Headquarters in Washington March 28, 2008.
Photo: Reuters
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Russia to Lose a Portion of Influence in IMF
The International Monetary Fund (IMF) backed up March 28 the plans to redistribute voting power amid 185 member states. Despite that the emerging nations will get more influential as a result of this move, the share of Russia will narrow.
According to Reuters, the IMF move will reduce voting shares of such states as Egypt, Saudi Arabia, Venezuela, Argentina, Chile and South Africa, widening the shares of China, India, Brazil, Mexico and South Korea.
The IMF board recommended to finally vote for the changes in April. Should the reform be approved, it would be one of the most vital reforms of the IMF's voting system in 60 years and growing influence of China and India would be recognized.
All nations but for Egypt, Iran, Saudi Arabia, Argentina and Russia supported the reform, said IMF Managing Director Dominique Strauss-Kahn.
Russia currently has 2.79 percent in the IMF capital, but the stake will narrow to 2.49 percent after the reform, Interfax reported.
www.kommersant.com
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