Russian Finance Minister Anton Siluanov has criticized the International Monetary Fund (IMF), saying it has practically exhausted its own resources and is in dire need of reform.
Siluanov said reform of the IMF was an "important theme" discussed during the weekend at a G20 summit in Sydney, Australia.
He said the IMF’s existing programs are now "financed by borrowing agreements," creating a situation that could continue endlessly at variance with the fund’s own principles.
Siluanov called on the U.S. Congress to ratify an IMF reform package approved in 2010 that has not yet entered into force, saying U.S. officials had promised in Sydney to try to get reforms approved by April.
Siluanov made the remarks after acknowledging that Ukraine's new government should seek a loan from the IMF to avoid an imminent debt default, but would have to meet demands for difficult structural reforms.
Siluanov said reform of the IMF was an "important theme" discussed during the weekend at a G20 summit in Sydney, Australia.
He said the IMF’s existing programs are now "financed by borrowing agreements," creating a situation that could continue endlessly at variance with the fund’s own principles.
Siluanov called on the U.S. Congress to ratify an IMF reform package approved in 2010 that has not yet entered into force, saying U.S. officials had promised in Sydney to try to get reforms approved by April.
Siluanov made the remarks after acknowledging that Ukraine's new government should seek a loan from the IMF to avoid an imminent debt default, but would have to meet demands for difficult structural reforms.
