The push for International Monetary Fund (IMF) quota reform reflects a shifting global order — where BRICS and developing nations are rising economic forces, already accounting for almost 60% of the world economy, Russian Minister of Finance Anton Siluanov told Sputnik.
The IMF's voting power is currently unfairly concentrated in Western hands, the official noted.
"We see injustice in this, a failure to reflect the real picture that is emerging today," he emphasized.
While Western powers no longer dominate the world economy, they continue to block meaningful changes in voting rights and representation "under various sauces," the minister pointed out.
"The situation has changed, and, accordingly, fair demands are being made by countries with developing economies: let's change the state of affairs, let's change the number of votes in this international institution. They tell us no, it is not necessary, under various sauces. [...] Time goes by, and things are still the same," he explained.