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Siluanov: IMF exhausts its own resources and needs reform

The International Monetary Fund has practically exhausted its own resources and needs a reform, Russian Finance Minister Anton Siluanov said after meetings of G20 finance ministers and central bank governors that took place in Sydney on February 22-23.

"The reform of the International Monetary Fund was an important topic we had been discussing at meetings of the G20 and on the sidelines. The IMF reform package approved in 2010 has not entered into force so far, as the U.S. Congress stalls its ratification," he said, adding that the United States promised to take efforts to approve the document by April 2014.

"We have agreed to consider all possible measures to resolve the existing situation at our next meeting in April," Siluanov said. "At present, the IMF has practically exhausted its own resources, while the IMF existing programs are in fact financed by borrowing agreements."

This situation could continue endlessly, "as it contradicts the fundamental principle of the fund's activity that the International Monetary Fund is a financial organization based on quotas," he said.

[Source: Itar Tass, Syndey, 24Feb14]

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