BRICS Must Increase Representation in Organizations, Such as IMF

© Host photo agency / Go to the mediabankPresident of the Federative Republic of Brazil Dilma Rousseff at a BRICS leaders expanded meeting
President of the Federative Republic of Brazil Dilma Rousseff at a BRICS leaders expanded meeting - Sputnik International
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Brazilian President Dilma Rousseff said that it is essential for BRICS countries to increase its representation in the international organizations, including the International Monetary Fund.

President of the Russian Federation Vladimir Putin meets with President of the Federative Republic of Brazil Dilma Rousseff - Sputnik International
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UFA (Sputnik) — The BRICS group must increase its representation in international organizations, including the International Monetary Fund (IMF), Brazilian President Dilma Rousseff said on Thursday.

"It is essential to increase our representation in the international organizations, including the International Monetary Fund. And this must be one of our priorities. We shall work on this next year," Roussef said at a BRICS meeting in Ufa.

Conceived to rival historically Western-dominated financial institutions, the five emerging economies officially launched their New Development Bank’s (NDB) $100-billion currency reserve pool on Wednesday.

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Russian Finance Minister Anton Siluanov described the reserve fund shared by Brazil, Russia, India, China and South Africa as a "mini-IMF."

The NDB goal is to finance infrastructure and sustainable development projects in BRICS and other developing countries.

Kundapur Vaman Kamath, NDB’s first president, said the bank may meet later in July to explore the possibility of accepting new members.

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