BRICS Calls For Bigger Emerging-Market Voice In IMF, World Bank; Criticises Unilateral Tariffs - NDTV Profit
BRICS Calls For Bigger Emerging-Market Voice In IMF, World Bank; Criticises Unilateral Tariffs - NDTV Profit
Source: NDTV Profit
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DW NOTE
BRICS has been calling for IMF reform since 2009. Seventeen years later, the US still holds 16.5% of votes with veto power, Europe controls another third, and China — now the world's largest creditor — has 6.4%. The group launched its New Development Bank in 2014 specifically because the Bretton Woods institutions wouldn't budge. This isn't a new demand; it's a recurring complaint from countries that have concluded the answer is no.