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BRICS Countries to Push for Continuation of IMF Quota Reforms

© Sputnik / Iliya Pitalev / Go to the photo bankWelcome ceremony by President of the Russian Federation Vladimir Putin for the BRICS leaders
Welcome ceremony by President of the Russian Federation Vladimir Putin for the BRICS leaders - Sputnik International
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The finance ministers of the BRICS countries (Russia, China, Brazil, India and South Africa) have agreed to take a unified stance on International Monetary Fund (IMF) quota system reforms, Russian Finance Minister Anton Siluanov told journalists.

WASHINGTON (Sputnik) – In December 2015, US lawmakers passed a federal spending bill that includes the IMF quota and governance overhaul promised five years ago. Despite the increased quotas, BRICS countries still only have a 14.7 percent voting share, which is not enough for a veto that requires 15 percent.

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"We need to collectively take a stance on the revision of the quota system," Siluanov said, adding that the interests of developing economies, which are not sufficiently represented in the IMF, must be taken into consideration.

An IMF quota determines the maximum amount of financial resources member countries must provide, their voting power and access to financing.

In 2010, the G20 group of countries agreed to shift voting power to dynamic emerging market nations such as China, India, Brazil and Turkey.

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