BRICS back expanding capital base of multilateral institutions
NEW DELHI (Reuters) - The BRICS group of emerging market nations support an expansion of the capital base of the World Bank and have agreed to look more closely at a proposal to set up a South-South development bank, Prime Minister Manmohan Singh said on Thursday.
Singh told reporters after a meeting of leaders from Brazil, Russia, India, China and South Africa that the group had agreed on the need to avoid political disruptions that cause volatility in global energy markets.
He also decried the lack of political movement on reforming global institutions such as the U.N. Security Council.
(Reporting by Rajesh Kumar Singh; Writing by John Chalmers)
- Tweet this
- Share this
- Digg this
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
Trending On Reuters
Prime Minister Narendra Modi has fired the country's highest ranking diplomat and replaced her with India's ambassador to the United States, a day after a successful visit by U.S. President Barack Obama. Full Article
Samsung Elec's smartphone primacy under threat from Apple after weak Q4. Full Article