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BRICS Countries Support New Quota Formula in the International Monetary Fund

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BRICS countries support the development of a new quotas calculation formula in the International Monetary Fund (IMF) to strengthen the stature of developing economies, according to the Media Statement of the informal BRICS leaders meeting on the sidelines of the G20 summit.

The parties spoke for the strengthening of the global financial security system with the central role of IMF, having sufficient resources and based on the quota system.

“To this effect, we reassure our dedication to the conclusion of the IMF’s 15th General Review of Quotas, including a new quota formula so as to secure the increased voice of the emerging and developing economies to reflect their relative contributions to the world economy while protecting the voices of the least developed counties, by the 2019 Spring Meetings and no later than the 2019 Annual Meetings,” the Statement read.

BRICS countries also emphasized the important role in the infrastructure and affirmed their plans to contribute to the reduction of the infrastructural gap.

“We acknowledge the significance of infrastructure for development and pledge to contribute to linking the global infrastructure gap, also by mobilizing resources for sustainable and disaster resilient infrastructure through national and collective initiatives, including the New Development Bank,” as noted in the Statement.

The states also reiterated their commitment to the Paris Agreement on Climate Change and called on the developed nations to offer financial assistance to developing countries for the sake of its implementation.

“Regarding Climate Change, we recommit ourselves to the full implementation of the Paris Agreement adopted under the principles of the UNFCCC including the principles of common but differentiated responsibilities and respective capabilities, and urge developed countries to provide financial, technological and capacity-building support to developing countries to enhance their capability in mitigation and adaptation,” the statement says.

The BRICS leaders also called on “all countries to reach a balanced outcome under the Paris Agreement Work Programme during COP-24 that enables operationalization and implementation of the Paris Agreement.”

“We stress the importance and urgency of conducting a successful and ambitious first replenishment process of the Green Climate Fund,” the statement reads.

The Paris Agreement was signed on December 12, 2015, on the results of an international climate change summit in the French capital city. The signatories agreed to take measures to prevent averaged air temperature increase by more than two degrees Celsius by 2100 on the average global temperature in the pre-industrial era. Scientists say a bigger temperature increase may trigger irreversible impacts on the environment.

 

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