Increase of BRICS quota in IMF to be completed by 2014
MOSCOW. March 23 (Interfax) - The increase in the BRICS countries' quota shares in the IMF should be completed by the end of 2013, an aide to Russia's president, Arkady Dvorkovich said on Friday.
"The review of the formula for calculating the quota is scheduled to be completed by the beginning of next year, and the review of the quotas themselves during our chairmanship, by the end of 2013," Dvorkovich said at a briefing.
This will be one of the key issues in the economic portion of the agenda of the BRICS summit that will be held in India at the end of March, he said.
BRICS finance ministers at their last meeting agreed on the position that the increase in resources at the IMF by BRICS countries should be linked to a further review of their quota shares in this organization, he added.
"If BRICS countries will make a disproportionately large contribution to the new increase in IMF resources, then this should be reflected in the IMF's capital structure in future," Dvorkovich said.
Commenting on the BRICS position regarding the appointment of a new head of the World Bank, Dvorkovich said the position of the countries in the organization does not call for a demand that a representative of developing countries be elected to this post.
"It is necessary to not only consider the nationality of potential leaders of international organizations, but also their political weight, professional qualities. These things are more important," Dvorkovich said.
He said the position of BRICS countries should be based on the fact that they and other developing countries should play a more serious role in the leadership of key financial institutions, not necessarily holding the top position.
BRICS countries, if they coordinate their positions, are already a political force on the world stage, Dvorkovich said. At the IMF and World Bank, for example, a consolidated position can block decisions by these institutions since the combined BRICS stake in them exceeds 15%.
"In light of this, BRICS countries are already a political force when they coordinate their actions," Dvorkovich said.