(MENAFN- Khaama Press) Russia, currently holding the rotating presidency of the BRICS group of emerging economies, has urged member countries to create an alternative to the International Monetary Fund (IMF) to counter Western Political pressure.
BRICS financial and banking officials are set to meet this week in Moscow.
The BRICS group of emerging economic powers is currently expanding both in terms of membership and global influence. Established in 2009, its founding members include Russia, China, India, Brazil, and South Africa.
In 2024, Iran, Egypt, the United Arab Emirates, and Ethiopia joined the group, and several other countries, such as Turkey and Syria, expressed interest in becoming members.
Russia's finance minister stated that Western countries, which represent 37% of the global economy, control the global financial system and need to establish alternative financial institutions.
Anton Siluanov, the Russian finance minister, added,“The IMF and the World Bank are not fulfilling their roles and do not serve the interests of BRICS nations.”
So far, the only financial institution that BRICS has established is the New Development Bank, founded in 2015 to finance infrastructure projects and sustainable development in BRICS countries and other emerging economies.
Following Russia's invasion of Ukraine in February 2022, the country's foreign reserves were frozen by Western countries, and Western sanctions have severely impacted its financial system.
Additionally, Russia's connection to international financial markets has been severed, complicating its financial transactions with the rest of the world.
Recently, Russia has faced delays in financial exchanges with BRICS members as banks in these countries fear punitive actions from the West.
The BRICS group comprises Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the United Arab Emirates, and Saudi Arabia.
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