BRICS Finance Ministers Unite on IMF Reform Proposal

July 6, 2025 - 12:06

In a significant development, the finance ministers of the BRICS nations have come together to present a cohesive proposal for reforms within the International Monetary Fund (IMF). This marks a pivotal moment, as it is the first instance where the group has reached a unified stance regarding the necessary changes.

In their joint statement following discussions held in Rio de Janeiro, the ministers emphasized that "quota realignment should reflect members' relative positions in the global economy, while protecting the quota shares of the poorest members." This highlights a commitment to ensure that the interests of developing nations are prioritized in the reform process.

The ministers also called for a new formula that would increase quotas specifically for developing countries, aiming to enhance their representation and influence within the IMF. This collaborative effort underscores the BRICS nations' dedication to fostering a more equitable global economic framework that addresses the challenges faced by less affluent members.