Brasilia: The International Monetary Fund on Wednesday congratulated the five BRICS countries for creating a new reserves fund that intends to challenge Western dominance in the global lender.
The IMF's managing director, Christine Lagarde, said the lender would like to work with the BRICS in the new fund, which pools together $100 billion in reserves from Brazil, Russia, India, China and South Africa.
BRICS leaders on Tuesday launched the fund and a joint bank of the same size in a bold step to press for a bigger say in the global financial order centered on the IMF and the World Bank.
The fund, known as Contingent Reserve Arrangement, aims to help BRICS countries with balance of payment difficulties.
"IMF staff would be delighted to work with the BRICS team dedicated to this project with a view to reinforcing the cooperation among all parts of the international safety net," Lagarde said in a statement.
China, holder of the world's largest foreign exchange reserves, will contribute the bulk of the reserves pool, or $41 billion. Brazil, India and Russia will chip in $18 billion each and South Africa $5 billion.
The IMF's managing director, Christine Lagarde, said the lender would like to work with the BRICS in the new fund, which pools together $100 billion in reserves from Brazil, Russia, India, China and South Africa.
BRICS leaders on Tuesday launched the fund and a joint bank of the same size in a bold step to press for a bigger say in the global financial order centered on the IMF and the World Bank.
"IMF staff would be delighted to work with the BRICS team dedicated to this project with a view to reinforcing the cooperation among all parts of the international safety net," Lagarde said in a statement.
Advertisement
© Thomson Reuters 2014
COMMENTS
Advertisement
Probe Reveals Brazil Plane Crashed One Minute After Pilots Sensed Trouble Why Morne Morkel Was Chosen Over Two Ex-India Stars For Coaching Job - Report Reveals Reason US Welcomes India's Engagement In War Between Russia, Ukraine 2 French Rafale Jets Collide Mid-Air, Instructor, Pilot Missing Cops Post Rioters' Pics After Vandalism During Kolkata Rape-Murder Protest Ayatollah Khamenei Warns Of "Divine Wrath" If Iran Backs Down Against Israel Ola Roadster Electric Motorcycles Launched, Prices Start From Rs 74,999 Aiming To Achieve Net Zero Emission In Railways By 2030: PM Modi Japan Lifts Megaquake Warning, Says Citizens Can Return To Normal Life Track Latest News Live on NDTV.com and get news updates from India and around the world.