New IMF quota formula unlikely by September G20 summit - Storchak
MOSCOW. Feb 13 (Interfax) - A decision on a new formula for computing IMF vote quotas is unlikely to be approved before the summit of G20 leaders in September this year, Russian Deputy Finance Minister Sergei Storchak said.
"It is already clear at this stage that a final decision might be reached at the very end of the year," Storchak told journalists on Wednesday on the sidelines of a G20 investment and finance seminar.
Russia is working to convince its partners in the G20 of the need to approve a road map spelling out the schedule for one or another decision.
Agreeing a new IMF quota formula proved to be more difficult from a negotiating standpoint. "To a certain degree, the G20 offered a concession to non-member countries and agreed that the main role was to be played by representatives of ministers in the International Monetary and Financial Committee, which is gathering at the level of deputy heads. Shifting the accent in the negotiations from the G20 to the IMFC has so far not produced results," Storchak said.
The situation will also be discussed at a meeting of G20 finance ministers and central bankers in Moscow, he said.
"I hope that the Russian minister will succeed in convincing the others that it is high time that they take up the reins. It is clear we are not upholding those commitments we made in 2010," he said.
