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

Trade Deal

REUTERS SHOWCASE

Bullish on Equities

Bullish on Equities

Bullish on Indian equities, but gains seen 'less sharp'- Goldman Sachs  Full Article 

Streamlining Operations

Jet Streamlines

Jet Airways chairman says looking to restructure debts, talking to bankers  Full Article 

Political Economy

Political Economy

Analysis - Watch what markets don't do as world politics turns nasty   Full Article 

Photo

Honda's India Thrust

Honda's India unit to account for 25 pct of Asia Pacific sales by March 2017 - exec   Full Article 

Short of Expectations

Short of Expectations

Apple revenue lags Street's view despite strong China growth  Full Article 

 Boosting Output

Boosting Output

NMDC plans to boost iron ore output by two-thirds  Full Article 

Apple Results

Apple Results

Apple margin concerns fade, focus shifts to iPhone launch  Full Article 

Photo

Food Scandal

Five held in China food scandal probe, including head of Shanghai Husi Food   Full Article 

Reuters India Mobile

Reuters India Mobile

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