BRICS Finance Chiefs call for reform of IMF and World Bank

Finance ministers and central bank governors from BRICS countries have called for reforms to major global financial institutions, including the International Monetary Fund (IMF) and the World Bank, seeking greater representation for emerging and developing economies.

Finance ministers and central bank governors from BRICS countries have called for reforms to major global financial institutions, including the International Monetary Fund (IMF) and the World Bank, seeking greater representation for emerging and developing economies.

In a joint statement issued ahead of the BRICS Leaders’ Summit in New Delhi, the bloc’s finance chiefs said reforming global economic governance remains a key BRICS priority as emerging markets account for an increasing share of global economic output and growth.

The officials said BRICS members would continue strengthening coordination to make international financial institutions more representative transparent and accountable.

India is hosting the 18th BRICS Leaders’ Summit this weekend with leaders from Russia, China and Iran expected to attend. The gathering comes amid significant geopolitical and economic challenges facing emerging markets.

The finance chiefs also expressed concern over unilateral trade and financial measures, including higher tariffs and non-tariff barriers. They argued that such measures distort international trade and are inconsistent with World Trade Organization rules.

The statement comes as emerging economies face additional economic pressure from higher oil prices and volatility in global trade. The conflict involving Iran has contributed to a rise in energy prices, increasing concerns over inflation, import costs and economic stability in developing markets.

BRICS has expanded its membership in recent years, strengthening its role as a platform for major emerging economies. Iran joined the grouping in 2024 alongside other new members.

The call for reform reflects longstanding BRICS demands for a greater role for developing countries in international economic decision-making. Members have argued that existing global financial institutions do not adequately reflect the changing balance of the world economy.

The bloc’s finance officials are expected to continue discussions on financial cooperation global economic governance and measures to improve the resilience of emerging markets.

The BRICS summit in New Delhi is likely to draw further attention to the group’s position on global trade, financial institutions and economic policy as member states seek a stronger voice in shaping the international financial system.