Russia backing greater IMF role for BRICS

26th May 2011, Comments 0 comments

Russian President Dmitry Medvedev wants the world's largest emerging economies to be allowed to have a more influential role in the management of the International Monetary Fund.

"The Russian president believes that BRICS countries should be better represented in IMF management," Medvedev's spokeswoman Natalia Timakova said on the sidelines of the G8 summit, where the subject of choosing a successor to Dominique Strauss-Kahn is in the spotlight.

Timakova told journalists however that Medvedev did not mean representatives from BRICS countries should get the IMF's vacant top job, but be well represented across top posts in its management.

On Tuesday, IMF directors from Brazil, Russia, India, China and South Africa -- the so-called BRICS economies -- said Europe's longstanding exclusive deal to lead the IMF "undermines the legitimacy of the Fund."

They strongly objected to the aggressive push by Europeans since last week to have one of their own to replace Strauss-Kahn, who resigned after being arrested in New York on sexual assault charges, which he denies.

European G8 leaders are pushing for French Finance Minister Christine Lagarde.

© 2011 AFP

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