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SCO countries support reform of international financial architecture — declaration

According to the Bishkek Declaration, the countries will continue to develop a practical dialogue on strengthening financial cooperation within the framework of the SCO Interbank Consortium

BISHKEK, September 1. /TASS/. Member states of the Shanghai Cooperation Organization (SCO) advocate for reforming the international financial architecture, according to the Bishkek Declaration signed at the SCO summit on Tuesday.

"Member states support the reform of the international financial architecture aimed at increasing the representation and strengthening the role of developing countries in the governing bodies of international financial institutions, including the International Bank for Reconstruction and Development and the International Monetary Fund," the document states.

Furthermore, the text notes that the countries will continue to "develop a practical dialogue on strengthening financial cooperation within the framework of the SCO Interbank Consortium (IBC)." "They advocate for accelerating the resolution of the issue regarding the inclusion of the authorized bank designated by the Islamic Republic of Iran in the work of the IBC," the document adds.

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