"We look forward to the timely [before December 15 this year] completion of the 16th general review of IMF quotas and their real redistribution in favor of 'underrepresented' countries, primarily China and other developing countries," Berdyev said. "Any other reform options, including maintaining the status quo in terms of votes in the IMF or implying their symbolic redistribution, will become an illustration of the West's unwillingness to give up its dominant positions in the Bretton Woods Institutions that have already become an anachronism."
As for the reforms of multilateral financial institutions, primarily the IMF and the World Bank, Berdyev went on to say, the world community has yet to determine their direction and main parameters. "Any changes should be worked out in universal formats on a transparent, non-discriminatory basis, take into account the financial characteristics of various countries, and have real benefits for developing states," he said.
In early June, UN Secretary General Antonio Guterres, speaking about Policy Briefs on Our Common Agenda, said that reforms to the IMF quotas were needed and the representation of the developing nations in both the IMF and the World Bank should be expanded to address injustices and systemic bias in the international financial architecture and proposed a representative apex body to oversee the entire system.
Berdyev spoke after high-ranking officials and ministers held meetings in Seattle where they addressed food security and energy matters among other issues as part of the third Asia-Pacific Economic Cooperation (APEC) Senior Officials’ and Ministerial Meetings.
The APEC Economic Leaders’ Week will take place in San Francisco in November.