BRICS expresses concern for stalling IMF reforms

The association of five major emerging national economies: Brazil, Russia, India, China and South Africa (BRICS) on Thursday expressed concern for the stalling of the International Monetary Fund's (IMF) reform process. This statement was statement issued by the Indian Prime Minister's office during the informal meeting of the BRICS leaders here which called for the urgent need to implement the 2010 IMF Quota and Governance Reform, adding, that the leaders also stressed to complete the next general quota review by January 2014 as agreed at the G20 Seoul Summit in order ensure the Fund's credibility, legitimacy and effectiveness. The statement said the BRICS Leaders met Thursday ahead of the formal opening of the G20 Summit in St Petersburg today. Besides the statement said the Leaders noted the continued slow pace of the recovery, high unemployment in some countries of the world, and on-going challenges and vulnerabilities in the global economy, particularly in advanced economies. The leaders believe that major economies, including G20, could do more to boost global demand and market confidence, the statement added. The Leaders expressed satisfaction made towards the establishment of the BRICS-led New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA). "On the NDB, progress has been made in negotiating its capital structure, membership, shareholding and governance. The Bank will have an initial subscribed capital of USD 50 billion from the BRICS countries," the statement said.