Foreign Minister of Russia Sergey Lavrov, China's Wang Yi and India's Sushma Swaraj proposed reforming the international financial system. According to the Russian news agency RIA Novosti, it is stated in the ministers’ communique. The heads of the foreign services suggest enlarging quotas of developing countries in the International Monetary Fund (IMF). "We call for the improvement of global economic governance and to increase the voice and representation of developing countries," the document reads.
Currently, the IMF quotas of China, Russia and India make up 4%, 2.5% and 2.4%, respectively. The largest part of 17.69% in this international organization belongs to the United States. The quota’s value reflects the country’s weight during voting. All key decisions of the IMF demand the approval of 85% of votes. Thus the US has almost the right of veto in the organization.
In 2010 during the G20 summit it was decided to review the IMF quotas. However, the US taking advantage of its important share in the organization hindered the IMF’s final decision. To change the country’s position, Congress’ decision is needed, but the Republican Party is categorically against the reform of the IMF quotas.
