The Brics economies have said they will increase their contribution to the International Monetary Fund (IMF).
Brics refers to, Brazil, Russia, India, China and South Africa, five of the fastest growing emerging economies.
The move comes as the IMF has been looking to boost its finances to help prevent any future financial crisis.
The nations did not say how much they will contribute and have asked for a greater say at the IMF.
"These new contributions are being made in anticipation that all the reforms agreed upon in 2010 will be fully implemented in a timely manner, including a comprehensive reform of voting power and reform of quota shares." the Brics economies said in a statement on the sidelines of the G20 summit in Mexico.
They nations added that they expect their contributions would be used only after the existing resources had been "substantially utilized".
No comments:
Post a Comment