Russia will demand larger IMF quota at G-20 Summit


Russian President Dmitry Medvedev and the real power behind Russia, Vladimir Putin.

Russia will demand a larger quota or voting power in the International Monetary Fund (IMF) at the upcoming G-20 Summit, local media reported Monday.

According to the Russian presidential aide Arkady Dvorkovich, heads of the international financial institutions must be elected openly, and Russia has not been satisfied, in general, with the G-20 agreements on quotas in the membership.

Dvorkovich said that Moscow will push for re-consideration of the countries’ participation in the IMF capital, and Russia expected to receive 5-6% of the share.

“We expect that the leaders of G-20 will instruct their representatives in the IMF to introduce the relevant changes,” Dvorkovich said.

As for the APEC summit, Dvorkovich said Russian President Dmitry Medvedev and Japanese Prime Minister Naoto Kan will discuss bi-lateral political cooperation and joint business projects.

He stressed that Medvedev’s trip to the Kuril Islands will have no effect on the APEC agenda, but the territorial issue would be raised at a bilateral meeting between the two leaders on the sidelines of the summit.

“The territorial problem is always raised at such meetings, and I think that the upcoming meeting will not be an exception,” Dvorkovich was quoted by the Interfax news agency as saying.

Ties between Moscow and Tokyo soured after Medvedev visited the island of Kunashir on November 1, which has been claimed by Japan along with three other Kuril islands. Japan recalled its ambassador from Moscow on the height of the spat.