Deputy Prime Minister Arkady Dvorkovich said that Russia hopes to see a multicurrency world despite the United States' perceived stance against International Monetary Fund reform.

–

JAKARTA (Sputnik)Russia hopes to see a multicurrency world despite the United States' perceived stance against International Monetary Fund (IMF) reform, Deputy Prime Minister Arkady Dvorkovich said Monday.

Dvorkovich heads the Russian delegation at the World Economic Forum on East Asia held from April 19 to 21 in the Indonesian capital.

"We still hope we will have a multicurrency world with more stable conditions," the official said, citing the US Congress as the "only obstacle to reform" of the IMF.

In 2010, a group of 20 economies, known as G20, agreed on reforms to Washington-based IMF envisioning the spread of quotas and governance to developing markets. An impasse in Congress last March has forced the legislative branch to jettison the IMF reform text from a Ukrainian aid package bill, stalling the process.

Dvorkovich said the global shift to a multipolar economy is not reflected in the international organization whose functions include providing loans to developing nations to ensure economic stability.

"It's a strange world where the powers have changed, but the institutions are not changing because of the unwillingness of one really important and big countries," the official told reporters.

The United States currently holds a plurality of IMF's foreign exchange reserves, giving it over 16.5 percent of total votes. In contrast, Japan is the IMF member with the second largest percentage of votes, with 6.23 percent.

"The sooner you have other currencies on the table to be competitive against the dollar, the less we will be worried about the Fed rate fluctuations," Dvorkovich added.

The Russian lawmaker stressed the uneasy task of seeing through governance and quota reform in the IMF is to have "long-term goals" and "fulfilling political responsibilities."

"It took China at least 20 years, probably more, to get to where it is right now… Russia is the biggest country in the world with more than 100 nationalities. It takes time and nobody should oversimplify the ways to deal with the situation," he said.

Earlier in February, the G20 finance ministers and central bank governors said they were disappointed with delays in the quota reforms of the financial institution.