Voicing concern over the delay in reforming the International Monetary Fund, Putin said, "the IMF needs a thorough reform."
"...The problem is that the IMF frequently fails to keep pace with the rapidly changing situation in global financial markets, first of all, when making efficient and timely decisions," he said in an interview to Ria Novosti.
"Their implementation leaves much to be desired as well. A good example is the global financial crisis, which the IMF system failed to prevent," he said.
"It is important, drawing upon the unique experience of co-operation within the IMF, to take further action to improve its work. It is necessary to raise the issue of the Fund's overall reorganisation, its adjusting to current economic realities," the Russian President said.
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He said that G-8 forum was "quite viable" where fast growing countries also have a voice along with developed Western states.
Putin said the June 17-18 G-8 meeting at Lough Erne would also discuss issues like the situation in Syria, the Middle East, North Africa and Afghanistan besides improving the taxation systems.
"Russia is actively participating in that club, it is thanks to us that not only developed Western states, but also fast-growing countries, which play an increasingly prominent role in global politics and economy, have a voice there," he said.
G-8 is the grouping of the world's most industrialised countries that include the United States, Japan, Germany, Britain, France, Russia, Canada and Italy.