THE CEO OF SBERBANK: IMF SHOULD BE ABOLISHED




Selin ATAY-TDO-The CEO of Russia’s Sberbank, Herman Gref, has taken aim at the International Monetary Fund (IMF), saying the organization should cease to exist.

“I don’t have much to say about higher audit institutions, but as for international organizations like the IMF, they must die,” Gref said on Wednesday as he addressed the 23rd Congress of the International Organization of Supreme Audit Institutions (INTOSAI) in Moscow.

"These organizations do not have the ability to think on themselves and to reform within themselves. There have been discussions about this for years, and many people are fed up with these conversations. I think that the IMF is absolutely dead," he said.

He said that the international watchdog is incapable of meeting the need to reform, something which has been discussed for many years.Other international organizations should not be dependent on the IMF, as it only offers old-fashioned ways to solve problems, according to the banker, who has headed Russia’s largest bank since 2007.

Moscow owed the international creditor billions of dollars, but refused to follow the recommendations on taxes and started paying off its debts. In 2005, Russia managed to repay the loans to the IMF, three years ahead of schedule, after transferring the last payment of more than $3 billion.