NEW DELHI, September 12. /TASS/. The IMF, WTO, and World Bank were established under completely different political and economic realities, and the need to reform them is long overdue, Russian President Vladimir Putin told the BRICS summit.

"The issue of improving global economic governance institutions -- the International Monetary Fund, the World Bank, and the World Trade Organization - is long overdue. They were all created in completely different political and economic realities and are struggling to adapt to a situation where business activity is increasingly shifting toward emerging markets," he noted.