Russia will insist on reviewing in the next two years the quota formula by which countries' participation in the International Monetary Fund is calculated, presidential aide Arkady Dvorkovich said on Monday.
"Despite the fact that we have reached agreements on quota realignment, of course we are not fully satisfied with these decisions, as under the agreements, the realignment of quotas from developed to developing countries amounts to some three percent," Dvorkovich told a news conference ahead of President Dmitry Medvedev's visit to G20 summit in Seoul this week.
Dvorkovich said that Russia had counted on a 5-6 percent quota in the IMF.
"We believe that such factors as the volume of gross domestic product purchasing power parity should be taken into account more. This will allow taking into account interests of developing countries to a larger extent," he added.
The IMF says on its website that a review of the current quota formula will be completed by January 2013.
The current formula says a weighted average of GDP accounts for 50 percent of the weight, openness for 30 percent, and economic variability for 15 percent and international reserves for five percent.
Currently, the largest members of the IMF are the U.S., with a current quota of 37.1 billion Special Drawing Rights, or about 17.09 percent of the quota share, Japan with a quota of 13.3 billion SDRs, or 6.12 percent of the quota share, and Germany with a quota of 13.008 billion SDRs, or 5.98 percent. Russia's quota stands at about 5.95 billion SDRs, or 2.73 percent of the quota share.
MOSCOW, November 8 (RIA Novosti)
