7/7/2025–|Last update: 15:54 (Mecca time)
On Saturday, the BRICS ministers for emerging economies called on the International Monetary Fund, including a new distribution of voting rights and ending the tradition of the European administration of the fund.
The joint statement of the financial ministers of the group represents the first time that the PEREX countries agree on a unified position on the proposed reforms.
They agreed to support the joint proposal at the IMF review meeting that will be held next December, and which will discuss changes in the quota system that defines contributions and voting rights.
Reorganization for the shares
The ministers wrote in their statement after their meetings in the Brazilian Rio de Janeiro, “The reorganization of the classes of the relative centers of the global economy with the protection of the classes of the poorest members,” added that the new formula should increase the classes of developing countries.
A Brazilian official, who followed the negotiations, said that the ministers of the Perksans called for a new formula according to the economic product and purchasing power, taking into account the relative value of the currencies, which should better represent low -income countries.
The ministerial meetings came before the Leadership Summit in the Rio, which expanded last year to overcome Brazil, Russia, India, China and South Africa to include Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the UAE.
This added a diplomatic influence of the group, which aims to speak in the name of emerging economies in the global south, and urges reforms in institutions dominated by traditional Western powers for a long time.
Regional
The finance ministers wrote: “With the full respect for the choice process based on merit, regional representation in the IMF administration must be strengthened and the friendly agreement that was reached after the Second World War and which is outdated and is not commensurate with the current world order.”
They confirmed their statement to hold discussions to create a new guarantee mechanism supported by the new development bank, a multilateral bank funded by the Perks group, aimed at reducing financing costs and enhancing investment in developing economies, as Reuters reported on Thursday.