Open to supporting global economic stability through IMF: BRICS

The Finance Ministers of BRICS countries Brazil, Russia, India, China and South Africa on Thursday said they are open to the idea of providing support through the International Monetary Fund (IMF) or other financial institutions to address global economic challenges.

"The BRICS are open to consider, if necessary, providing support through the IMF or other international financial institutions in order to address the present challenges to global financial stability, depending on individual country circumstances," said a joint communique issued by the BRICS finance ministers after their meeting here.

"We underscored the continuing need to maintain international policy coordination and coordination through the G-20," said the communique issued on the sidelines of the annual meeting of the International Monetary Fund and the World Bank.

"We also expressed our concern over the slow pace of quota and governance reforms, including in the area of surveillance in the IMF, and for the need for multilateral development banks to mobilise more resources for low income and developing countries," Indian Finance Minister Pranab Mukherjee told a crowded press conference addressed by the BRICS finance ministers at IMF headquarters here.

Responding to questions, Mukherjee said the issue was raised and the consensus was that there should be serious efforts made by Europeans and others of the international community.