BRICS voices disappointment with non-implementation of IMF reforms

BRICS nations - Brazil, Russia, India, China and South Africa have expressed their disappointment with the failure to implement the 2010 International Monetary Fund (IMF) reforms.

"We remain disappointed and seriously concerned with the current non-implementation of the 2010 International Monetary Fund (IMF) reforms, which negatively impacts on the IMF's legitimacy, credibility and effectiveness," said Fortaleza Declaration at the end of the summit late last night.

"The IMF reform process is based on high-level commitments, which already strengthened the Fund's resources and must also lead to the modernization of its governance structure so as to better reflect the increasing weight of EMDCs in the world economy. The Fund must remain a quota-based institution," it added.

Calling on the membership of the IMF to find ways to implement the 14th General Review of Quotas without further delay, the declaration said: "We reiterate our call on the IMF to develop options to move ahead with its reform process, with a view to ensuring increased voice and representation of EMDCs, in case the 2010 reforms are not entered into force by the end of the year."

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