IMF reform cost Russia $ 8 billion
The International Monetary Fund on Thursday announced the completion of started 6 years ago, the vote distribution system reform.
An amendment to the IMF charter, according to which the fund’s board of directors becomes completely elective, and the shares in the capital (approximately corresponding to the number of votes in the decision-making process) are redistributed from developed to developing countries.
At the same time the organization of capital is doubled – to 659 billion dollars, according to the press-service reported.
As a result of the country’s reform BRICS significantly increase its weight in the IMF: China from 4% to 6,4%, Russia with 2.4% to 2.7%. Ratio Brazil increased to 2.3%, SAR – up to 0.6%.
Summary BRICS get 14.7% of votes in the 15% needed to block fund solutions.
As assured December 30, Russian Foreign Minister Sergei Lavrov, in spite of the shortage, the BRICS will be able to veto decisions which do not suit them. “You can find the missing tenths of a percent from like-minded people”, – said the minister, recalling that before this privilege was only in the United States (17.68% votes).
“The four countries with emerging markets (Brazil, China, India and Russia) will be included in the top ten members of the IMF, together with the US, Japan, France, Germany and Great Britain”, – the press service of the IMF, calling reform “historic moment” for the organization.
However, in the top ten will not be free. Increasing the share of the fund will require financial investments in its capital. At the same time doubling of the capital increase is a multiple of the amount of the required investments.
According to the report on international reserves of the Central Bank, at the beginning of the year the share of Russia in the fund was estimated at 7.888 billion dollars. This amount the Bank of Russia held in SDR – Special Drawing Rights (virtual currency, consisting of a basket of reserve currencies)
The reform will require to increase these investments in half and add another 0.6 percentage points – a total of about 8.2 billion dollars.
This amount will be reserved to the Central Bank accounts, which can no longer use it, for example, for intervention on the Moscow stock exchange or issuance of foreign currency loans to banks in the framework of the dollar repo.
She, however, will continue to be taken into account in the international reserves of Russia.
According to Tass, a directive to increase the quota of the IMF Board of Directors approved last week. The new quota must be paid within 30 days.
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