Russia, Argentina to continue joint work in G20 format, including IMF reform - Putin

MOSCOW, April 23. /TASS/. Russia and Argentina have close positions on many global issues and will continue joint work in the G20 group of advanced and emerging economies, President Vladimir Putin said after talks with his Argentinian counterpart Cristina Fernandez de Kirchner on Thursday. "We have agreed to continue joint work in the G20 Group, including the reformation of the IMF and the regulation of the activity of rating agencies," Putin said. "We have common or very close approaches on most of them [international issues]," the Russian president said. "Russia and Argentina firmly safeguard the principle of the supremacy of international law under the UN’s central coordinating role," Putin said. "We highly value the fact that Argentina was among the co-authors of the resolution on the 70th anniversary of the end of World War Two and regularly votes for the UN General Assembly resolutions on countering the glorification of Nazism," the Russian president said. IMF reform The G20 leaders agreed in Seoul in 2010 on reviewing the IMF’s quotas in favor of emerging market and developing countries to better reflect ongoing changes in the world. The IMF’s 14th quota review stipulates that the Fund’s quotas should be doubled from 238.4 billion Special Drawing Rights (SDRs) to SDR 476.8 billion. The review also envisages a more than 6 percent quota shift from over-represented developed countries to under-represented developing countries. The United States, which has a quota of 17.69 percent of SDRs and 16.75 percent of votes, has not ratified the quota review until now. Read more