UFA (Sputnik) — The BRICS group must increase its representation in international organizations, including the International Monetary Fund (IMF), Brazilian President Dilma Rousseff said on Thursday.
"It is essential to increase our representation in the international organizations, including the International Monetary Fund. And this must be one of our priorities. We shall work on this next year," Roussef said at a BRICS meeting in Ufa.
Conceived to rival historically Western-dominated financial institutions, the five emerging economies officially launched their New Development Bank’s (NDB) $100-billion currency reserve pool on Wednesday.
Russian Finance Minister Anton Siluanov described the reserve fund shared by Brazil, Russia, India, China and South Africa as a "mini-IMF."
The NDB goal is to finance infrastructure and sustainable development projects in BRICS and other developing countries.
Kundapur Vaman Kamath, NDB’s first president, said the bank may meet later in July to explore the possibility of accepting new members.
