BRICS expands to include Iran and is seeking alternatives to existing global financial institutions.
1 report, 1 independent
Updated Sep 15
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What happened
BRICS expands to include Iran and is seeking alternatives to existing global financial institutions.
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
- BRICS discussions highlighted the limitations of the bloc due to the Iran conflict and compared the size of its bank to the World Bank.
- 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 IMF downgraded the economic outlook for Iran and highlighted risks facing economies across Central Asia.
- Regional uncertainty stemming from the Iran conflict is causing economic contraction in Gulf economies and stalling IPO markets.
- BRICS established a new international bank dedicated to financing emerging markets.
- IMF held off-site meetings in Morocco amid global economic pressures from the Iran war and El Niño.
- A state must conclude a new economic program with the International Monetary Fund, influenced by the global economic impact of the Middle East conflict.