Russia to Seek Fairer Distribution of Quotas, Voting Shares in IMF, WB – Putin

Russia will work together with other emerging economies to ensure a fairer distribution of quotas and voting shares within the International Monetary Fund and the World Bank, President Vladimir Putin has vowed.

MOSCOW (Sputnik) — In an article for the leading BRICS media published Friday, Putin said his country shared concerns of other member states over the "unfairness of the global financial and economic architecture, which does not give due regard to the growing weight of the emerging economies."

"We are ready to work together with our partners to promote international financial regulation reforms and to overcome the excessive domination of the limited number of reserve currencies. We will also work towards a more balanced distribution of quotas and voting shares within the IMF and the World Bank," he announced.

The Russian president stressed he was confident that BRICS nations would take on protectionism and new barriers in global trade and continue advocating a bigger regulatory role of the World Trade Organization.

"We value the BRICS countries’ consensus on this issue, which allows us to more consistently advocate the foundations of an open, equal and mutually beneficial multilateral trade system and to strengthen the role of the WTO as the key regulator in international trade," Putin wrote.

The article was published ahead of the BRICS summit in the Chinese city of Xiamen on September 3-5. BRICS is a group of the world’s major emerging economies made up of Brazil, Russia, India, China and South Africa.