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. Last Updated: 07/27/2016

Russia joins boards

MOSCOW (MT) -- Russia has joined the executive boards of the World Bank and the International Monetary Fund, The Associated Press reported Thursday.

Together, the international aid organizations account for a substantial percentage of assistance to the world's developing countries. The World Bank alone is expected to distribute $35 billion in development aid this year.

Representing Russia on the board of the International Monetary Fund will be Konstantin Kagalovsky.

Russia's representative at the bank will be Boris Fedorov, an adviser to the European Bank for Reconstruction and Development.