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BRICS finance chiefs urge urgent IMF, World Bank reforms to boost emerging economy voice
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Finance ministers and central bank governors of the BRICS nations have reiterated their call for urgent reforms of the International Monetary Fund (IMF) and the World Bank. In a joint statement reported by Bloomberg, they argued that the Bretton Woods institutions, established after World War II, must better reflect changes in the global economic landscape. The officials specifically called for increased quota shares and voting rights for emerging and developing economies at the IMF, as well as greater representation for these economies in the leadership of both the IMF and the World Bank. The statement emphasized the need to make the institutions more flexible, efficient, credible, inclusive, fit for purpose, equitable, accountable, and representative. This marks a renewed push by BRICS members to enhance the voice of developing nations in global financial governance.
Source report
Finance ministers and central bank governors of the BRICS nations reiterated their demand for urgent reforms to the International Monetary Fund (IMF) and the World Bank on Friday, aiming to strengthen the voice of emerging and developing economies within both institutions.
In a joint statement, the officials emphasized that the Bretton Woods institutions—established after World War II—must better reflect the evolving global economic landscape. They specifically called for:
- Increased quota shares and voting rights for emerging and developing economies at the IMF
- Greater representation of these economies in the leadership of both the IMF and the World Bank
"We reiterate the urgent need to reform the Bretton Woods institutions to make them more flexible, efficient, credible, inclusive, fit for purpose, equitable, accountable, and representative," the finance ministers and central bank governors stated.
(Bloomberg)
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