Lavrov: G7 Should Not Dictate Policies to World Bank and IMF

Russian Foreign Minister Sergey Lavrov criticized the Group of Seven (G7) nations for dominating the policies of Bretton Woods institutions, specifically the World Bank and the International Monetary Fund (IMF). Speaking at a BRICS ministerial meeting in New Delhi, Lavrov argued that the current global financial architecture is discriminatory and lacks transparency. He highlighted the discrepancy between economic reality and institutional power, noting that while the G7 accounts for less than one-third of global output, it retains disproportionate control. In contrast, BRICS nations, representing approximately 40% of global GDP, lack comparable influence. Lavrov emphasized the urgent need to reform the IMF’s quota distribution system to better reflect the modern balance of power. He accused the IMF of prioritizing the interests of Western minority shareholders while neglecting the needs of the Global South and East. The foreign minister concluded that correcting these historical injustices by realigning international institutions with current economic potentials would enhance the effectiveness of the global international architecture and remove existing dividing lines.