The joint statement by the group’s finance ministers marks the first time the BRICS countries have agreed on a unified position on the proposed reforms. They agreed to back the shared proposal at an IMF review meeting coming up in December, which will discuss changes to a quota system that defines contributions and voting rights.
The BRICS ministers called for a new formula weighted by economic output and purchasing power, considering the relative value of currencies, which should better represent low-income countries, said a Brazilian official who followed negotiations.
That has added diplomatic clout to the group, which aims to speak for developing nations in the Global South, urging reforms of institutions long dominated by traditional Western powers.
Their statement also confirmed discussions to set up a new guarantee mechanism backed by the NDB, a multilateral bank funded by the BRICS, which aims to lower financing costs and boost investment in developing economies, as Reuters first reported on Thursday.
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