Russia Current Affairs

IMF Reforms: India, China, Brazil, Russia get more voting rights

International Monetary Fund’s (IMF’s) long-pending 2010 Quota and Governance Reforms have finally become effective.

These proposed reforms are the biggest change in the governance of the IMF (lender of last resort) since it was established after World War II in 1945 after the Bretton Woods Conference.

Key facts

  • Gives boost the representation of emerging economies like India, China, Brazil, Russia and increases their power and greater say in IMF.
  • India’s voting rights increased by 0.3% from the current 2.3% to 2.6%. China’s voting rights increased by 2.2% from current 3.8% to 6 %.
  • These reforms shifted more than 6% of the quota shares to emerging and developing countries from the US and European countries. Russia and Brazil also have gained from the reforms.
  • The combined quotas or the capital resources of IMF also have doubled due to reforms to $659 billion from current $329 billion.
  • The doubling of quotas means that the shares (roles) of advanced European and Gulf countries have been reduced and that of emerging nations particularly China has been increased.
  • China will have the 3rd largest IMF quota and voting share after the US and Japan. While, India, Russia and Brazil will also be among the top 10 members of the IMF.
  • The voting power and quota shares of the IMF’s poorest member countries will be protected.
  • Under the reform, for the first time IMF’s Executive Board will consist entirely of elected Executive Directors and it ends the category of appointed Executive Directors.

Earlier Scenario: Currently, US, Japan, France, Germany, Italy, United Kingdom, Canada and Saudi Arabia are among the top ten members of the IMF. While, the member countries with the 5 largest quotas appoint an Executive Director.

Background

The reforms were agreed upon by the 188 members of the IMF in 2010 in the aftermath of the global financial meltdown. However, there implementations were delayed due to the time taken by the US Congress to approve the changes. But, were finally approved by the US Congress in December 2015.

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Marat Safin Inducted Into International Tennis Hall of Fame

Former World No.1 tennis player Marat Safin of Russia has been inducted in the International Tennis Hall of Fame.

It was announced by Russian Tennis Federation and will be formally inducted in the official ceremony scheduled on July 16, 2016.

With this, he will become first Russian national to be inducted in the International Tennis Hall of Fame.

Safin’s candidature for the induction into the Hall of Fame was announced in October 2015 along with Justine Henin (Belgium) and Helena Sukova (Czech Republic).

About Marat Safin

  • Born on January 27, 1980 in Moscow, Russia. He had started his professional career in 1997.
  • Safin has won two-time Grand Slam Champion (2000 US Open and 2005 Australian Open) and dual Davis Cup champion with the Russian national team in 2002 and 2006.
  • During his career, he has won a total of 15 ATP (Association of Tennis Professionals) in men’s singles category.
  • He had held the No. 1 world ranking of ATO for around weeks between November 2000 and April 2001.
  • He was the first Russian tennis player to reach the semi-finals of Wimbledon in 2008.
  • He retired in 2009 and at that time he was ranked 61st best player in ATP’s world best men’s singles rankings.

About International Tennis Hall of Fame

  • It honours players and contributors to the sport of tennis.
  • The first Hall of Fame members were inducted in 1955.
  • The hall of fame of tennis and museum are located in the Newport Casino.

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UNSC unanimously adopt resolution to cut-off supply of funds to IS group

United Nations Security Council (UNSC) has unanimously adopted resolution cut off supply of revenue flows to Islamic State (IS) militant group.

Decision in this regard was taken at the first-ever meeting of finance ministers of 15 member states to support a diplomatic push to end the war in Syria.

Key facts

  • The resolution has been drafted by United States and Russia, calls on governments to ensure that they have adopted laws to make the financing of IS a serious criminal offence.
  • It also calls for enhanced actions against from closing financial system loopholes to stopping the abuse of charitable causes.
  • It stressed that already existing resolution mandating member states to ensure that financial assets are not transferred to terrorists by persons within their territory.
  • Called for increased international cooperation in sharing information and closer collaboration with the private sector to identify suspect transactions.

The UNSC also called on Member States to promote enhanced vigilance by persons within their jurisdiction to detect any diversion of explosives, raw materials and components that can be used to manufacture improvised explosive devices or unconventional weapons.

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