The key facts

  • Putin, at the Russia–Africa forum, advocated reforming the IMF and the World Bank
  • Russia proposes strengthening Africa's role in the governance of international financial institutions
  • The forum is attended by representatives of 48 of Africa's 54 countries, with 22 countries represented at the level of heads of state

Statement at the forum in Moscow

Russian President Vladimir Putin, speaking at the Russia–Africa Economic and Humanitarian Forum in Moscow, said that Russia stands for strengthening Africa's role in governance and key decision-making within multilateral development institutions, primarily the International Monetary Fund and the World Bank. According to him, these organizations need to be reformed to take into account the needs of developing economies. This was reported by Gazeta.Ru citing the speech, the text of which is posted on the Kremlin's website.

Context and scale of the forum

Before Putin's speech, Russian Deputy Foreign Minister Sergei Ryabkov said that Russia will continue to cooperate with African countries and other foreign partners despite sanctions and, as he put it, attempts by the collective West to isolate Moscow. The third summit and the Russia–Africa economic and humanitarian forum are being held in Moscow on October 28–29; they are attended by representatives of 48 of Africa's 54 countries, with 22 countries represented by heads of state. Earlier, the architecture of the economic forum's business program was published.

What lies behind the statement

The statement concerns the distribution of influence in two key global financial institutions: the IMF and the World Bank have traditionally been governed with a predominant weight of developed economies, and the demand to expand Africa's participation in 'key decision-making' means revising this balance. For African countries, the practical significance of such reforms would be greater weight in determining lending terms and development programs. For now, however, this is a position voiced at the forum rather than adopted decisions: sources report no concrete steps or agreements on changing the governance structure of the fund and the bank.