05:10 GMT +323 October 2019
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    Russia to Insist on World Bank, IMF Reforms During BRICS Summit

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    Russia will insist on reforms in the World Bank and the International Monetary Fund (IMF) during the BRICS summit in Ufa in July, Russian Deputy Foreign Minister Sergei Ryabkov said Tuesday.

    MOSCOW (Sputnik) – In April, Russia accepted presidency of BRICS and is hosting a number of events, including a summit in the city of Ufa, scheduled for early July.

    “Since the Russian chairmanship of BRICS that began in April, we have been sure of both the physical and practical launch of the new Development Bank and a pool of conventional currency reserves. We are preparing an import economic development for the summit in Ufa [Russia] that is currently on the stage of agreeing. We will insist on beginning of reforms in the International Monetary Fund and the World Bank.”

    An agreement to establish the BRICS Development Bank was signed by Brazil, Russia, India, China and South Africa in July 2014. BRICS states also agreed to set up a liquidity reserve of $100 billion to maintain the bank’s financial stability.

    The bank represents an alternative to the IMF and the World Bank, having a similar role to the two institutions.

    IMF Managing Director Christine Lagarde said in December 2014 that the organization was ready to discuss broader voting powers to BRICS member states.


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