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Malaysian politician says BRICS could balance unfair international financial system

Saifuddin Abdullah underscored the importance of coming up with "solutions to the unfair international financial and economic architecture"

NEW YORK, June 21. /TASS/. BRICS can become one of the ways to reform the unfair international financial and economic system, former Malaysian Foreign Minister and member of the lower house of Malaysian parliament Saifuddin Abdullah said in an interview with Bloomberg.

"Some of us, including people like myself, think that we need to find solutions to the unfair international financial and economic architecture. So, BRICS would probably be one of the ways to balance some things," the politician said.

As the agency notes, for a number of countries joining BRICS is an attempt to mitigate the economic risks of intensifying competition between the United States and China. The move is also a way to express disappointment with the existing world order and Western-controlled financial institutions such as the World Bank and the International Monetary Fund.

On June 13, Malaysian Prime Minister Anwar Ibrahim, in an interview with the Chinese portal Guancha, said that Kuala Lumpur would soon begin the official procedure of joining BRICS. The head of the kingdom's Foreign Ministry, Mohamad Hassan, also announced Malaysia's readiness to join the association, noting that this will allow the country to more effectively resolve various issues on the global arena stage and defend national interests.

The BRICS group was founded in 2006. In 2011, South Africa joined the original line-up (Brazil, Russia, India and China). Egypt, Iran, the United Arab Emirates, Saudi Arabia and Ethiopia became full BRICS members on January 1, 2024. As Russian Ambassador to China Igor Morgulov announced on June 6, about 30 countries were seeking to join the group.

On January 1, the BRICS chairmanship passed to Russia and will last until the end of the year. More than 250 events will be organized covering a wide range of topics. The main event, the BRICS summit will be held in October in Kazan.

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