Russian sees need to modernize global economic

Global economic institutions must be modernized in order to match changing conditions, says Prime Minister Dmitry Medvedev. "International economic relations need modernization. Reforms of the International Monetary Fund or World Bank is modernization too. We all must change because economic conditions have been changed," Medvedev told Brazilian TV channel Globo in an interview aired Tuesday. During a certain period of time the IMF did not fully regard the interests of Russia and some other countries, Medvedev said. "We have spent many efforts for the (IMF) quotas to be redistributed more justly," he said. According to Medvedev, this example showed the need for countries to cooperate more closely in modern conditions. "There are various political problems which require consolidation of our efforts, and we have already been assisting each other rather well," Medvedev said. "We and our partners from China, India, South Africa also discuss various economic issues, work out common approaches and often consolidate our positions," he said. International financial architecture reform was the main topic of discussion during a recent Moscow meeting of G-20 finance ministers and central bankers.