BRIC finance ministers to discuss int`l financial institutions` reform

ISTANBUL, October 3 (Itar-Tass) -- The finance ministers of the BRIC
countries will meet on Saturday to discuss the reform of international
financial institutions, including a new IMF borrowing programme.
"A key topic is the IMF and World Bank reforms," a source in the
Russian delegation told Itar-Tass.
At the same time, he noted that one of the key aspects is the
management of the new IMF borrowing programme. "It has accumulated over
500 billion U.S. dollars and the sum is coming close to 600 billion U.S.
dollars," the official said.
The BRIC countries (Brazil, Russia, India, and China) have agreed to
contribute 80 billion U.S. dollars. However it is necessary to discuss a
blocking vote during the distribution of the funds and their management.
If the sum did not exceed 500 billion U.S. dollars, the BRIC countries
"would have had a firm 15 percent". However if the sum exceeds that
amount, the share of the BRIC countries decreases, and if the sum is 600
billion U.S. dollars, the share becomes slightly more than 10 percent.
As a result, the BRIC countries will not have a blocking vote in this
programme. "Without it, the BRIC countries' voice may not be heard," the
official added.
At the same time, he noted that any blocking vote is an extreme
measure and does not mean that the BRIC countries are ready to use it to
block any of the decisions.
-0-zak/