BRICS finance chiefs call for urgent IMF, World Bank reform

BRICS finance chiefs and central bank governors on Friday reiterated calls for urgent reform of the International Monetary Fund and World Bank to give emerging and developing economies a greater say in the two institutions. The Bretton Woods institutions, created in the aftermath of World War II, should better reflect shifts in the global economy, they said in a joint statement, calling for increased IMF quota and voting shares for emerging and developing countries. They also backed greater representation of those economies in the leadership of the IMF and World Bank.

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