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IMF, World Bank must be fair to big developing nations – Medvedev

Posted by seumasach on March 14, 2009

MOSCOW, March 14 (RIA Novosti) – International financial organizations should be more fair in their treatment of the countries with the largest developing economies, including to Russia, President Dmitry Medvedev said on Saturday.

“The current crisis has shown that their [the organizations’] activity is far from ideal – the International Monetary Fund, World Bank, and other structures,” Medvedev said in an interview to be broadcast Sunday on Russia’s First Channel.

“This activity needs to be put in order, to make it more fair in relation to those states that have recently joined the ranks of the largest developing economies,” he said, adding that this meant “Russia, and other countries.”

Medvedev will attend the summit of G20 leaders in London on April 2 for discussions on overcoming the global financial crisis and reform of international financial structures.

Finance ministers and central bankers from the G20 are meeting in Britain this weekend to prepare for the April summit.

A member of the Russian delegation said a greater role for developing economies, mainly Russia, Brazil, India and China, in international financial institutions would be discussed at the gathering, particularly membership of the Financial Stability Forum, a group comprising financial authorities of G7 countries.

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