Russia supports extra capitalization of the International Monetary Fund (IMF) only after the implementation of the decisions that have already been made, Russian Deputy Finance Minister Sergei Storchak taking part in a G20 meeting of finance ministers and heads of central banks in Paris told journalists.
"It is Russia’s position that we should complete the implementation of the decisions that were made in Toronto and Seoul," Storchak said.
In particular, the decisions on the New Arrangements to Borrow facility and the redistribution of quotas and votes within the IMF should be completed, he said.
Andrei Bokarev, the director of the Finance Ministry’s international financial relations department, said only 15% of the IMF members have made decisions toward redistribution of quotas, while 85% of votes are needed for these decisions to take effect.
"The necessary number of votes for the decisions to take effect has not been achieved in the IMF on the whole, and some countries have not carried out the domestic procedures," Storchak said.
On the other hand, the IMF has bilateral loan facilities, Storchak said. "Another aspect of our position is that we are willing to work within the framework of the IMF bilateral loan mechanism, that is, bilateral agreements within the framework of a multilateral mechanism of preconditions under which the fund could finance countries that need this," he said.
