BRICS calls for major reforms of Western financial institutions, with India acting as a brake on de-dollarization efforts.
3 reports, 2 independent
Updated Oct 21
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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 aboutHow it developed
Newest first. Tap a step to see who reported it.BNP Paribas facilitated payments for sanctioned parties, advancing BRICS' goal to bypass dollar sanctions.1 source
BRICS pushes for IMF reforms while India resists de-dollarization efforts.1 source
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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in BRICS, Malaysia has voiced support for reviewing the IMF and World Bank, alongside views that the UN system is outdated and unfair.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