Friday, September 4, 2015

BRICSPOST: BRICS Actively Pushing for IMF Reforms Blocked by US

The BRICS nations have been actively pushing for IMF reforms as mentioned in this BRICSPOST article for a long time now to no avail. Nothing right now suggests that is about to change any time soon. Below are some quotes from the article.

"Moscow will push for BRICS to uphold its primary function for which the alliance was forged, to safeguard economic interests of the five nations, Russian Foreign Minister Sergey Lavrov has stressed.
“It was formed to uphold the interests of these “new countries” in the framework of international financial relations, including the IMF and the World Bank. It’s not some whim but a reflection of objective reality,” Lavrov told an audience at a Russian University in Moscow on Tuesday.
The New Development Bank and a monetary fund, launched by the BRICS “will be backed by one hundred billion dollars each, which will allow BRICS to act more independently and effectively in implementing the projects that are deemed mutually beneficial by its association members” said Lavrov.
“Since 1990, the share of the United States, the EU, and Japan in the global GDP has decreased sharply, whereas the share of the BRICS economies, if I’m not mistaken, has grown from 7.7 percent to 22 percent – that is, it has tripled. The share of BRICS in the global GDP has grown at the expense of a comparable reduction in the share of the United States, the EU and Japan,” Lavrov claimed.
The BRICS bloc is “actively pushing” for IMF reforms while “these decisions are now being blocked exclusively by the United States” charged the Russian Foreign Minister."
. . . . . .
"A statement from the International Monetary Fund in June said the board has postponed the discussion on how to move forward without Washington. The board will now take stock of the situation in September.
IMF Chief Christine Lagarde had last year hinted at a “Plan B” if the US failed to endorse the reforms by the end of 2014."

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