Tashkent, Uzbekistan (UzDaily.uz) — BRICS has again called for accelerated reform of the International Monetary Fund (IMF) and the World Bank, saying their governance structures should reflect the changing balance of forces in the global economy.
The call was made in the New Delhi Declaration adopted at the 18th BRICS Summit.
The declaration said reform of global economic governance remains a consistent BRICS priority amid the growing share of emerging markets and developing economies in global production and growth.
BRICS countries said they would continue strengthening coordination among themselves to make international financial institutions more representative, transparent and accountable.
BRICS leaders reiterated their call to reform the Bretton Woods institutions to make them more flexible, effective, credible, inclusive, fit for purpose, impartial, accountable and representative.
The governance structures of these institutions, the declaration said, should be reviewed in light of the transformation of the global economy since their creation, while the voice and representation of developing economies should correspond to their actual position in the global economy.
The declaration also called for improved governance procedures, including selecting the leadership of the IMF and World Bank based on professional qualifications through an open and transparent process that would increase regional diversity and the representation of developing economies in senior positions.
The issue of IMF quotas received particular attention. BRICS reaffirmed its commitment to the previously adopted Rio de Janeiro Vision on IMF Quota and Governance Reform and stressed the need for a strong, quota-based and adequately resourced IMF as a central element of the global financial safety net, particularly for the most vulnerable countries.
The leaders called for the quota increase agreed under the 16th General Review of Quotas to be implemented without further delay and for work to begin at the earliest opportunity on approaches to a more substantial quota reform under the 17th General Review of Quotas.
BRICS welcomed the so-called Diriyah Guidelines for IMF Quota and Governance Reform and reiterated that quota reviews should reflect countries’ relative positions in the global economy, increase the quota shares and voting power of developing economies, and not come at the expense of developing countries.
According to the declaration, a new, simple and transparent quota formula should protect the shares of the poorest members and guide, rather than constrain, access to IMF resources. Voluntary financial contributions should not affect quota allocations, governance representation or voting rights.
BRICS countries said they were ready to engage constructively with other IMF members to ensure that the 17th General Review of Quotas includes a meaningful redistribution of quota shares and governance reform.
Regarding the World Bank, the declaration described the shareholder equity review being conducted in 2025 as an important tool for strengthening multilateralism and enhancing the legitimacy of the World Bank Group as a more effective development financing institution.
In line with the so-called Lima Principles, BRICS countries said they would continue seeking greater voting power and representation for developing countries by addressing their historical underrepresentation through a review of the shareholding structure.
