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BRICS finance ministers make unified proposal for IMF reforms
BRAZIL, JUL 6 – BRICS finance ministers proposed a quota system weighted by economic output and purchasing power to better represent developing nations and end European IMF management traditions.
- On July 5 in Rio de Janeiro, BRICS finance ministers called for reform of the IMF, urging new voting rights and an end to European leadership.
- This call followed meetings of 11 emerging nations amid rising unilateral trade measures and ahead of a December IMF quota review meeting.
- The ministers supported a revised quota system that takes into account factors such as economic size, purchasing power, and currency valuations to ensure better representation of low-income nations and safeguard the interests of the most vulnerable members.
- They emphasized that the adjustment of quotas should take into account each member's standing within the world economy while safeguarding the share allocated to the most economically disadvantaged countries, and they endorsed a new guarantee mechanism supported by the New Development Bank.
- These reforms aim to enhance developing countries' representation, reduce financing costs, and signal BRICS's growing influence in global financial governance.
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33 Articles
During the plenary session to strengthen multilateralism, the economy and AI, as part of the 17th BRICS Summit, Brazil's President Luiz Inácio Lula da Silva pointed out that there are distortions that cannot be denied: "To do justice to our economic weight the power of the BRICS in the IMF should correspond, at least, to 25 percent and not to the 18 that we currently have," he said. READ ALSO What he says and what he omits in the Declaration of …
BRICS finance ministers make unified proposal for IMF reforms
Finance ministers from the BRICS group of developing nations called on Saturday for reform of the International Monetary Fund, including a new distribution of voting rights and an end to the tradition of European management at the helm.
Observador
Jornal ExpressoIn a joint statement, the Ministers of Finance of the 11 Member States called for the strengthening of South Global cooperation and for a more just and equitable development model.
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