BRICS finance chiefs call for urgent IMF, World Bank reform
BRICS finance chiefs and central bank governors on Friday reiterated calls for urgent reform of the International Monetary Fund and World Bank to give emerging and developing economies a greater say in the two institutions.
The Bretton Woods institutions, created in the aftermath of World War II, should better reflect shifts in the global economy, they said in a joint statement, calling for increased IMF quota and voting shares for emerging and developing countries. They also backed greater representation of those economies in the leadership of the IMF and World Bank.
“We reiterate the urgent need to reform the Bretton Woods Institutions to make them more agile, effective, credible, inclusive, fit for purpose, unbiased, accountable, and representative,” the finance chiefs and governors said in the statement.
The call is not new. BRICS has long pushed for developing nations to have greater influence in global financial institutions, arguing that their representation should reflect their growing weight in the world economy.
The officials also took aim at rising protectionism, expressing “serious concerns” over unilateral tariffs and other trade and financial measures that they said distort commerce, are inconsistent with World Trade Organization rules and weigh most heavily on developing economies. They also cited geopolitical tensions, trade fragmentation, policy uncertainty, debt and inflation pressures among risks to the global outlook.
On payments, BRICS agreed to continue exploring ways to make cross-border transactions between members faster and cheaper, including greater use of local currencies for trade and investment.
Bloomberg reported this week that India is pushing BRICS nations to expand the use of central bank-backed digital currencies for cross-border payments, while stopping short of supporting a unified payments network that could be seen as a challenge to the dollar.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Projects
Latest Multimedia
Latest News
Showroom
Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers
VISIT SHOWROOM
Established in 1933, EKATO is the world leader in agitation technology, supplying agitators for processes and applications such as chemicals and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
