Russia's proposal promotes the process of the IMF reforming

“Russia's proposal to produce a one-off increase in the quotas of developing countries at the IMF will advance the reform process and break the deadlock,” said RISS expert Nikolay Troshin.

“For today, the problem is that 30 of the most economically developed countries have 57,5% of votes, while the other 158 states have in total 42.5% of votes. Meanwhile, the real balance in the world economy is that the relationship between developed and developing countries is on a fifty-fifty basis,” he explained.

RISS expert also stressed that "the growth rate of the world economy is increasing, but it has not yet fully recovered after the global financial crisis. There are still significant risks connected with the fact that the developed countries have practically exhausted the potential of monetary stimulus. Interest rates are at the lowest level now, and they are all negative in the EU.”

N.Troshin added that “in this regard, the Managing Director of the IMF Christine Lagarde urged the international community to use the "window of opportunity" to implement structural reforms, the main directions of which were agreed at the G20 summit in China in 2016. Along with this, changes in tax and budget policy also have a significant importance and stimulating effect on the economy”.

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