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Russia to Give $10 Bln For G20 IMF Fund - Storchak

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Russia will contribute about $10 billion in additional funding for the International Monetary Fund, Russia's Deputy Finance Minister Sergei Storchak said on Friday following a BRICS nations finance ministers' meeting in Washington.

Russia will contribute about $10 billion in additional funding for the International Monetary Fund, Russia's Deputy Finance Minister Sergei Storchak said on Friday following a BRICS nations finance ministers' meeting in Washington.

Storchak said each of the G20 nations providing additional funding has a concrete suggestion for its share in the recapitalization fund, but only a total sum would be announced in the final declaration, and the individual states’ contributions would not be revealed.

“The BRICS insisted that there would be a stated sum without specifying who puts in what,” Storchak said, adding that President Dmitry Medvedev had approved Russia's additional funding.

"I assure you, the G20 will announce a final sum," Storchak said.

Storchak did not cite a figure but said the total "should suit (IMF chief) Christine Lagarde."

A decision on reform of IMF voting rights is still distant, Storchak added.

“We have already talked a lot about this at deputy ministerial level, for twelve years, but still have not arrived at the legal agreement which was agreed on at Seoul regarding quota reform,” he said.

 

 

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