REUTERS - Leaders of the BRICS group of emerging market nations pressed Western powers to cede more voting rights at the IMF this year and flayed the rich world’s reflationary monetary policies for putting global economic stability in jeopardy.
Below are key points from a statement made by Brazil, Russia, India, China and South Africa on Thursday after their summit in New Delhi:
ON THE IMF
* There is an urgent need to implement IMF quota reforms before the 2012 annual IMF/World bank meeting in October.
(To read: BRICS flay West over IMF reform, monetary policy, click here)
* “This dynamic process of reform is necessary to ensure the legitimacy and effectiveness of the Fund.”
* “We stress that the ongoing effort to increase the lending capacity of the IMF will only be successful if there is confidence that the entire membership of the institution is truly committed to implement the 2010 Reform faithfully.”
(For full text of declaration, click here)
ON THE WORLD BANK
* The World Bank’s new leadership should transform it into a body that “truly reflects the vision of all its members”.
* BRICS nations welcome candidates for president of the World Bank from developing countries.
ON GLOBAL MARKETS
* “It is critical for advanced economies to adopt responsible macroeconomic and financial policies, avoid creating excessive global liquidity and undertake structural reforms to lift growth that create jobs.”
* Excessive volatility in commodity prices poses additional risks to the recovery of the world economy.