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Russia seeks shake-up of World Bank
RBC, 14.07.2008, Moscow 18:26:52.Russia will make efforts to change the approach for determining the stakes of the World Bank's shareholders, Deputy Finance Minister Dmitry Pankin told today's press conference on the results of the recent G8 summit. He noted that Russia would seek to make the current approach more reasonable and objective. The Deputy Minister reiterated that amendments to the method of calculating votes and stakes in the IMF's share capital had already been made. The IMF's new strategy is to be considered soon, Pankin said, adding that Russia would take an active part in the process. An interesting dialog has started between the Finance Ministries of BRIC (Brazil, Russia, India, and China), Pankin stated, referring to the potential of these countries joining forces to reform the bloc's old financial institutions. It is even possible that the ministries will come to a conclusion that new institutions must be created, as the old ones cannot respond to new challenges any longer, Pankin pointed out.
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