HANGZHOU (Sputnik) – The joint share of the BRICS emerging economies in the International Monetary Fund's capital has almost reached 15 percent, Russian President Vladimir Putin said Sunday at an informal meeting of BRICS leaders on the sidelines of the G20 summit in Hangzhou, China.
"The BRICS countries saw its joint share in the Fund’s capital to increase to 14.89 percent, a step away from 15-percent blocking threshold. Without a doubt, we have to move forward to carry out an IMF reform," Putin said.
"It is necessary to bring to a full-scale work the Contingent Reserve Arrangement and New Development Bank established by BRICS," Putin said at the informal meeting of the leaders of BRICS member states.
The Russian leader pointed out the need to adopt the bank's strategy and " to provide loans in national currencies," as well as to "move on to the financing of specific projects."
The bank will become a major development institution with a statutory capital of $100 billion.
BRICS countries have also agreed on the BRICS Contingent Reserve Arrangement (CRA), to which China contributed $41 billion, Brazil — $18 billion, Russia – $18 billion, India – $18 billion, South Africa – $5 billion. The reserve pool is to serve as a monetary backup in times of economic slowdown.
BRICS Willing to Expand Cooperation in Various Spheres
The BRICS countries are determined to expand cooperation in various fields, President Putin said.
He recalled that the BRICS strategy agreed in the Russian city of Ufa last year provided for major joint projects, primarily in the fields of industry, technical development and energy.
"We are committed to the expansion of contacts in other areas as well — science, education, culture, on the issues of social policy, healthcare and sports," Putin said.
According to Putin, the BRICS leaders also support the idea of cooperation on the level of parliaments, regions, trade unions and civil societies.