The International Monetary Fund (IMF) and the World Bank should be reformed to ensure that their governance structures are in line with the transformation of the global economy since their inception, the BRICS finance ministers and central bank governors said in a statement.
“With developing countries accounting for an increasing share of global output and economic growth, reforming global economic governance remains an ongoing priority for the BRICS. We will continue to strengthen coordination among BRICS members to make international financial institutions more representative, transparent and accountable,” the document said.
The statement stressed the urgent need to reform the Bretton Woods institutions (IBIs), in particular the International Monetary Fund and the World Bank. Reforms are needed to make them more flexible, effective, credible and impartial, as well as to enhance their legitimacy.
"The IMF's governance structure should be reformed to reflect the transformation of the global economy since its creation. The voice and representation of developing countries in the IMF should reflect their relative position in the global economy," the statement stressed.
