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  • Russian Deputy Finance Minister Sergei Storchak

Our agenda includes issues of reforming international financial architecture - Sergei Storchak

"Investment financing and debt problems are the issues being discussed by the G20," Storchak emphasized. The first issue, he said, implies a cooperative effort to seek an alternative to bank financing and to find practical approaches to stock market recovery, at least partially, to solve the traditional objectives for which it was designed.

Russia's agenda also includes the issue of reforming international financial architecture, Storchak said. "We are not implying a drastic reform of the current world order," he emphasized. The point is to adjust the relationship of voting authority in the International Monetary Fund between the industrially advanced countries and the emerging market states. 

This difficult process has seen certain positive results, particularly the transferring of quotas from the economically advanced countries to the developing countries, the Deputy Finance Minister said. "In this year of our G20 presidency, two systemic tasks should be solved. The first is to reach a consensus with respect to the formula used to calculate this quota, and the second is to achieve a revision of the distribution of quotas.  These two tasks should be completed with consideration for the third task, that of increasing the quota sums or the amount of financing the member countries transfer to the IMF as fees," Storchak said, adding that this is the aim of Russia's G20 presidency in reforming international financial architecture.