Sergey Lavrov, Sushma Swaraj and Wang Y, Foreign Ministers of Russia, India and China, respectively, suggested reviewing the international financial system, the Russian news agency RIA Novosti refers to the joint communique. Initially, the ministers proposed increasing the emerging markets’ quotas in the International Monetary Fund (IMF).
Chinese foreign minister said: "We call for the improvement of global economic governance and to increase the voice and representation of developing countries."
At the present moment, the IMF quotas of China, Russia, and India – which dictate the importance given to their votes – are 4%, 2.5% and 2.44%, respectively. The United States has the largest quota share (17.69%) of any IMF member. Major decisions must gain support of more than 85% of the votes cast by the board. Thus, the United States has veto power in the organization.
At the 2010 summit, G20 agreed to reform the IMF quota. However, the US made use of its great share in the organization and blocked the final decision. Congress’ decision is needed to change the country’s position. The Republican Party firecely opposes reforming the IMF quotas.
