"The adoption of the 2010 IMF reforms remains the highest priority for safeguarding the credibility, legitimacy and effectiveness of the IMF and the Leaders urge the United States to ratify these reforms as soon as possible," the statement agreed at the informal meeting of BRICS leaders held ahead of the G20 summit in Antalya, Turkey, reads.
The BRICS leaders, expressing their deep disappointment at the lack of progress in modernizing international financial institutions, "urged the IMF – in cooperation with its membership – to step up efforts in collaboration with the G20 to find such solutions that would ultimately make it possible to increase the institution’s quota resources and review the distribution of quotas and votes in favour of developing countries and emerging market economies."
