MOSCOW, July 09. /ITAR-TASS/. BRICS leaders will sign a framework agreement to establish a pool of reserve currencies at the upcoming summit in the Brazilian resort city Fortaleza on July 15-16, Russian Finance Minister Anton Siluanov told journalists.

“We have agreed that amid the current capital volatility, it is important for our countries to have a kind of mini-IMF,” Siluanov said. The $100 billion pool would be able to swiftly react to capital flight by providing liquidity in the freely convertible currency through dollar swaps, the Minister added.

The pool will be distributed among the countries with China’s $41 billion, Brazil, India and Russia holding $18 billion each and South Africa with $5 billion. The funds will be provided according to a multiple. China’s multiple is 0.5, which means that if needed, the country will get half of $41 billion. The multiple is 2 for South Africa and 1 for the rest.

BRICS central banks will keep their resources in their gold and foreign currency reserves, the Minister added.

However, a bank can immediately get only 30% of its share, the rest provided only if the country has a special programme with the IMF. The pool will provide support both to prevent crisis and post factum. The agreement did not open the pool for countries outside the grouping, Siluanov said.

The governing body will be comprised either of the countries’ finance ministers or central banks’ governors, while a standing committee of directors and deputy directors elected from the members’ representatives will be in charge of operating management . The pool will be coordinated by BRICS president.

A country willing to apply for aid should cite reasons such as capital outflow, pressure on foreign currency markets and sharp national currency fall, the Minister said. However, the agreement did not stipulate any specific criteria but set out arguments a country can use to refuse to provide funds such as its own economic problems or force majeure like war.

The document planned to be signed in Brazil was only a framework agreement, Siluanov said, but did not specify the date when central banks would sign a binding agreement.