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BRIC S advocating expansion of IMF resources

June 19, 2012, 7:07 UTC+3
BRICS leaders agreed that the crisis in the euro area threatens the international financial and economic stability
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LOS CABOS, June 19 (Itar-Tass) — Brazil, Russia, India, China, and South Africa, which make up an informal association of countries branded as BRICS, have taken a decision to allocate additional finances to the International Monetary Fund.

The decision was taken Monday at a mini-summit of the group at the Mexican seaside resort of Los Cabos. A communiqu· issued by the leaders of the five countries, which are broadly viewed as the new main drive engines of the global economy in the 21st century, says they have spoken in favor building up the IMF financial resources by another $ 430 billion.

BRICS leaders agreed that the crisis in the euro area threatens the international financial and economic stability and that is why joint efforts should be made for its elimination.

The communiqu· also says the group has supported the idea of expanding the IMF resources and has made public its readiness to increase its own fees remitted to the fund.

BRICS leaders met shortly before the opening of a summit conference of the Group of Twenty. The conference is expected to take a number of decisions on resolving the euro area crisis, ensuring a re-launch of economic headway and attaining financial stability.

 

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