The BRICS were hitting Western nations on Thursday, pressing them for more voting rights at the International Monetary Fund this year and assailing them over monetary policies they said put the stability of the global economy in danger.
Reuters reported that the BRICS countries of Brazil, Russia, India, China and South Africa issued a joint declaration after a meeting in New Delhi that said in part, “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.”
Although voting rights changes have been promised at the IMF, the U.S. has not yet ratified them. BRICS countries have been increasingly frustrated over their lack of influence there and in the U.N. Security Council, where India and Brazil have spent years trying to win permanent seats. In addition, G7 reforms have been slow to satisfy the group.
Criticism of rich nations’ fiscal policies was also heavy at the gathering, where leaders accused them of jeopardizing the stability of the global economy. In their declaration, they said, “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.”