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WASHINGTON – Russia is planning to make a $10 billion contribution to the International Monetary Fund’s crisis-fighting fund as part of an effort to assert more sway and influence in the outcome of the European financial crisis, according to a report in Joseph Farah’s G2 Bulletin.
The IMF has been providing financial assistance to deal with the Euro-zone debt crisis among the major industrialized countries, even though its work in the past mostly has been among emerging market nations.
In exchange for increased financial participation, industrialized nations like BRICS members Brazil, Russia, India, China and South Africa have received assurance that their voting power in the IMF, also called quotas, will increase, giving the nations greater clout at the IMF. Such a redistribution of power within the IMF could come about as early as October.
The Russians believe that their quota should be further increased due to the size of their gross domestic product and the volume of gold and foreign exchange reserves.
If those criteria are accepted, then Russia’s influence in the IMF would be even greater, since the country has the world’s third largest forex, or foreign exchange, reserves of $516.7 billion.
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