WASHINGTON (Pakistan Point News / Sputnik - 24th June, 2023) The role of the International Monetary Fund (IMF) will inevitably have to transform in light of the fragmentation of the global economy, IMF Executive Director for Russia Aleksei Mozhin told Sputnik.
"The role of the IMF will have to change. What we started with - the fragmentation of the world economy - must inevitably lead to changes in the activities of the IMF," Mozhin said.
The fund has "a lot of weaknesses," but still remains "the main international organization for global economic governance," Mozhin continued.
As an example of one such weakness, the Russian representative to the IMF pointed to the "unfair distribution of votes on the board of directors" and the "blatantly biased policy" of the fund, which selectively lends to countries in need.
"Many egregious examples. For example, Iran, at the peak of the pandemic, asked for some money for the first time in many years, and was denied. Although it has been a conscientious member of the IMF for many years, it has no debts to the fund. Discrimination against Venezuela, Nicaragua and a bunch of other countries. Now Myanmar, Afghanistan after the Americans left, and Zimbabwe are being discriminated against," he said.
Mozhin also mentioned the politicization of the IMF board of directors and the unfair distribution of votes in it, namely a "colossal over-representation of the West."
