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Ahead of G-8 summit, Putin says IMF needs reform

Russian President Vladimir Putin, preparing for next week's G-8 summit, says reforming the International Monetary Fund should be a top issue among the world's economic powers.

In an interview with the state news agency RIA Novosti that was released Friday, Putin said the IMF needs a thorough reform and it "frequently fails to keep pace with the rapidly changing situation in global financial markets."

Putin said the fund's voting system should be revised to enhance the role of developing countries in including Russia, India and China.

Russia will try to persuade its partners to find compromise solutions in the run-up to the G-20 summit in Russia in September, Putin said.

The G-8 summit in Northern Ireland will be a precursor to issues that come up at the G-20.

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