BRICS summit declaration

Thu Mar 29, 2012 3:18pm IST

Related Topics

REUTERS - Leaders of the BRICS group of emerging market nations pressed Western powers to cede more voting rights at the IMF this year and flayed the rich world's reflationary monetary policies for putting global economic stability in jeopardy.

Below are key points from a statement made by Brazil, Russia, India, China and South Africa on Thursday after their summit in New Delhi:

ON THE IMF

* There is an urgent need to implement IMF quota reforms before the 2012 annual IMF/World bank meeting in October.

(To read: BRICS flay West over IMF reform, monetary policy, click here)

* "This dynamic process of reform is necessary to ensure the legitimacy and effectiveness of the Fund."

* "We stress that the ongoing effort to increase the lending capacity of the IMF will only be successful if there is confidence that the entire membership of the institution is truly committed to implement the 2010 Reform faithfully."

(For full text of declaration, click here)

ON THE WORLD BANK

* The World Bank's new leadership should transform it into a body that "truly reflects the vision of all its members".

* BRICS nations welcome candidates for president of the World Bank from developing countries.

ON GLOBAL MARKETS

* "It is critical for advanced economies to adopt responsible macroeconomic and financial policies, avoid creating excessive global liquidity and undertake structural reforms to lift growth that create jobs."

* Excessive volatility in commodity prices poses additional risks to the recovery of the world economy.

(Compiled by Joseph Radford, Editing by Jonathan Thatcher)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Public Health

REUTERS SHOWCASE

Cost Cutting

Cost Cutting

PM Narendra Modi boots officials out of the first class cabin  Full Article 

Airtel Profit Jumps

Airtel Profit Jumps

Bharti Q2 net profit more than doubles   Full Article 

Leisure Riding

Leisure Riding

Harley-Davidson woos affluent young Indians with bike culture  Full Article 

Maruti Earnings

Maruti Earnings

Maruti Suzuki net profit up 29 percent, beats estimates.  Full Article 

ICICI Results

ICICI Results

ICICI Bank Q2 profit up 15 percent, beats estimates.  Full Article 

Moody's on India

Moody's on India

Moody's welcomes India's policy steps, but wants to see more.  Full Article 

End Of QE

End Of QE

U.S. Fed ends bond buying, exhibits confidence in U.S. recovery.  Full Article 

Cook Comes Out

Cook Comes Out

Apple's Cook: "I'm proud to be gay"  Full Article 

Refining Margins

Refining Margins

BPCL aims to double refining margins with refinery expansion.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage