Russia and African Countries Call for Reform of Global Financial Institutions

Dragon Media News Desk

Russia and African countries have called for reforms to the International Monetary Fund, the World Trade Organization and the World Bank. A declaration adopted at the third Russia–Africa Summit says the institutions should operate on the basis of equality and respect for the interests of all parties.

The declaration says the participants will advocate comprehensive reforms of the IMF and World Bank. It also calls for greater African representation in their leadership and a stronger role for African countries in decision-making.

Russia and the African countries also agreed to promote reforms of the WTO to ensure an open, transparent, inclusive, non-discriminatory and rules-based trading system. The declaration calls for preserving the organization’s central role and upholding consensus-based decision-making, most-favoured-nation treatment, and special and differential treatment for developing and least-developed countries.