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Putin calls for radical overhaul of IMF

“The IMF frequently fails to keep up with the rapidly changing situation in global finance – first and foremost, in making effective and timely decisions,” Putin said on June 13, adding that the decisions’ “implementation leaves much to be desired as well.”

Russia currently holds the rotating presidency of the G-20, a formal grouping of the world’s 20 most powerful economies, and will lead the G-8, a group of the world’s eight richest countries, in 2014.

Putin did not call for the outright dissolution of the IMF, but argued that the organization must adjust to current economic realities, noting that it was time to consider the issue of its “overall reorganization, the report said.

In particular, he said that “the voting system used at the IMF to determine policy should be changed to enhance the role of developing countries, with new weight given to the so-called BRICS group of Brazil, Russia, India, China and South Africa.”

IMF also provides expertise like it did in eurozone sovereign debt crisis. Advice from the IMF was widely sought by Russian officials when the country was making its transition to a market economy in the 1990s.

Rio Novosti said “Putin acknowledged that reforming the IMF would not be easy, but said Russia would attempt to negotiate some compromises and mutually acceptable solutions ahead of September’s G-20 Summit in St. Petersburg.”

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