BRICS calls for major reforms of Western financial institutions, with India acting as a brake on de-dollarization efforts.
2 reports, 1 independent
Updated Sep 16
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What happened
BRICS calls for major reforms of Western financial institutions, with India acting as a brake on de-dollarization efforts.
Who's involved
What this event is mainly aboutKeep exploring
Part of
BRICS, chaired during its 2026 tenure, demanded greater voice and structural reforms within the IMF and World Bank.Also in this story
- While participating in BRICS, Malaysia has voiced support for reviewing the IMF and World Bank, alongside views that the UN system is outdated and unfair.
- During the BRICS gathering hosted by India on September 1st, the bloc saw a slight expansion of its voting share within the International Monetary Fund.
- Narendra Modi, representing the Global South, led discussions advocating for systemic reform of international financial institutions like the World Bank and IMF during the BRICS summit.
- BRICS, along with Ethiopia, called for global financial architecture reform and backed bids to join the World Trade Organization.
The entities involved
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BRICS
association of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates
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International Monetary Fund
international financial institution
Related events
- The BRICS group, currently chaired by India, is discussing the geopolitical crisis in West Asia, specifically concerning the Iran-UAE issue and promoting dialogue on payment mechanisms.
- Iran is facing a wartime economic crisis and plans to join the BRICS Bank, starting productive monetary cooperation.
- BRICS is pushing for strategic autonomy amid global disruptions, including the Hormuz closure and US-Iran conflict.
- Emerging economies are redefining global green finance as the traditional IMF-anchored system faces challenges from US withdrawal and global shifts.
- BRICS is promoting local-currency settlement as a hedge and seeking urgent quota changes and a bigger voice within the global financial system.