Monetary Fund Takes First Step to Admit Russia
The International Monetary Fund, praising Russia for its economic reform program, took the first concrete step Tuesday toward accepting the largest of the former Soviet republics as a member.
The IMF announced that its executive board had met for the first time with representatives of the Russian Federation and agreed that Russia should contribute a 3% share of the fund’s overall capital.
The Russian quota proposal is expected to go before the IMF board of governors, its governing body, in about six weeks, according to an IMF source who requested anonymity. To complete the membership process, Russia would then have to pass legislation to allow it to sign articles of agreement with the IMF, a process expected to take several months.
The 3% quota would make Russia the IMF’s eighth-ranking member in its share of the IMF’s total resources, which amount to about $125 billion, and in voting power. The United States is the most influential member, with a quota of almost 20%.
Russia will have to deposit 25% of its quota in hard currency and reserve the rest in rubles.
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