Russia’s Federation Council approved on Wednesday a law raising the country’s International Monetary Fund quota from 2.49 percent to 2.71 percent in line with the Fund’s amendments on quota increases for emerging market economies.
The amendments, approved by Resolution No. 66-2 of the IMF Board of Governors on December 15, 2010, will increase the emerging market countries’ share in the IMF by 2.8 percentage points to 42.3 percent.
Following the IMF quota redistribution, the voting rights of the BRIC countries (Brazil, Russia, India and China) at the Fund will rise from 10.71 percent to 14.18 percent.
Russia’s new IMF quota at 2.71 percent will amount to 12.9 billion worth of Special Drawing Rights (SDRs).
Quota subscriptions are a central part of the IMF’s financial resources, the IMF says. Each IMF member country is assigned a quota, based broadly on its relative position in the world economy. A member country’s quota determines its maximum financial commitment to the IMF, its voting power, and has influence on its access to IMF financing.