WASHINGTON, October 20. /TASS/: The International Monetary Fund (IMF) is beginning the 16th General Review of Quotas, which is to be completed no later than in December 2023, Russian Deputy Finance Minister Sergei Storchak told reporters on the sidelines of the IMF-World Bank meeting.
"The keystone of the next addition will be another attempt to agree on a new formula for country quota, a formula that would reflect the country’s clout in the global economy," he said.
The International Monetary and Financial Committee (IMFC) agreed to complete the 15th quota review and begin the 16th one with terms of up to 2023.
According to the Russian delegate, "the 15th quota review ended with a zero result." "For the first time, this was clearly articulated in the speech of [IMF Managing Director] Kristalina [Georgieva]," he added.
According to Storchak, right now, the IMF needs to form a negotiating stance and basic terms to launch the 16th General Review of Quotas.
