US EditionBRICS finance ministers make unified proposal for IMF reforms
- 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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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.
·United Kingdom
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ObservadorReposted by 
Jornal Expresso
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.
·Portugal
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In a statement published on Saturday, the finance ministers of the group demanded, among other things, a redistribution of voting rights and an end to the traditional European leadership of the fund.
·Frankfurt, Germany
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38% Right
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R 38%
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