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Russia, Brazil, India to contribute $18 billion to BRICS currency reserve pool

September 05, 2013, 17:15 UTC+3

BRICS leaders wait for significant results by the next summit

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STRELNA, St Petersburg, September 5 (Itar-Tass) - Russia, Brazil and India will contribute $18 billion to the BRICS currency reserve pool while China - $41 billion and South Africa - $5 billion, according to a press release issued by the BRICS summiteers on Thursday.

“The summiteers reached consensus on common and operation issues. In compliance with the agreements at the BRICS summit in Durban, South Africa, the initial amount of the pool will be $100 billion. China will contribute $41 billion, Brazil, India and Russia $18 dollars and South Africa five billion dollars,” the press release says.

“In light of progress, which has been reached, the BRICS leaders wait for significant results by the next summit,” the press release says.

The next BRICS summit is planning to take place in Brazil in 2014.

“The leaders laud progress in founding a development bank and a reserve currency pool. As for the Development Bank, the summiteers came to agreement on its structure, capital stock, membership and governance. The initial capital will amount to $50 billion,” the document says.

The leaders “noted the high rates of economic growth and the high level of unemployment in certain countries, as well as the current challenges and sensible points in the global economy, especially in developed countries”.

The BRICS summiteers believe that the major economies, including the G20 states, could do more to stimulate world demand and markets’ trust.

“In light of the increase in financial volatility and capital flows in the past several months the BRICS countries have expressed apprehensions about the negative consequences of the monetary policy of certain developed economies. They stressed that the monetary policy should be effectively and thoroughly checked and explained,” the press release says.

The BRICS leaders “expressed concern about suspending the reform of the International Monetary Fund”. “They confirmed that it was necessary to carry out the IMF 2010 reform and end revising quotas by January 2014 in compliance with the agreements reached at the G8 summit in Seoul,” the document says.

The leaders believe that the 9th WTO ministerial conference, which is due to be held in December 2013, will provide the foundation for the successful completion of the Doha round of talks.

“The leaders took notice of the latest events in world economy and stressed the need to continue cooperation within BRICS,” the document says.

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