Key quotes from BRICS summit re IMF:
Emerging markets and developing economies (EMDEs) have
been growing at a faster pace than advanced economies over the past decades;
however, Fund quota shares do not represent their current economic positions.
The Fund should remain a quota-based institution, and quotas should continue to
play a determining role in defining members’ contribution to the Fund and voting
power.
Quotas should provide the primary source of the IMF’s lending capacity
and should guide but not constrain access to Fund resources.
Basic votes:
The share of basic votes in total IMF voting power should be increased
appropriately to reflect low-income countries and, more broadly, smaller countries’
representation in a more balanced way. Basic votes must guarantee that these
countries have a fairer voice in decision-making.
Source doc/s
BRICS Ministers Agree Declarations with Commitments to Strengthen Economic Cooperation
Finance Ministers and Central Bank Governors stress solidarity and the promotion of strong, sustainable and more balanced global growth
Published on Jul 5, 2025 at 7:14 PM – Modified 9 hours ago
By Maiva D’Auria | BRICS Brazil
The BRICS Finance Ministers and Central Bank Governors agreed on three Declarations with commitments to strengthen multilateralism and economic development among member countries, this Saturday, 5/7. In addition to the ministerial document , a specific document supporting the UN Framework Convention on International Tax Cooperation and another on the review of IMF quotas, in support of the reform of the international financial system .
“The BRICS economies have become more integrated into the world economy and now account for about a quarter of global trade and investment flows. At the same time, countries recognize that there is still progress to be made to ensure that the benefits of globalization, economic growth and productivity are distributed more equitably to all,” the document states.
Among the actions, the countries reaffirmed the pursuit of constructive and active engagement in international financial institutions and in a rules-based multilateral trading system, with the aim of meeting the needs of developing countries and advancing intra-BRICS cooperation to promote the development and resilience of our economies.
The countries also affirm that they will cooperate to facilitate the reduction of trade tensions, including through strengthening solidarity and promoting strong, sustainable and more balanced global growth, stimulating an inclusive and universally beneficial economic globalization.
Another highlight of the Joint Ministerial Statement is the need to improve coordination between official debtors and creditors — bilateral, multilateral and private — in order to help Emerging Markets and Developing Economies (EMDEs) address debt-related issues in a fair and constructive manner, from a development perspective.
The ministers also called on international financial institutions to scale up support for adaptation actions and help create an enabling environment that encourages greater private sector participation in mitigation efforts. To attract large-scale private capital, BRICS intends to encourage the use of different financial instruments, such as blended finance mechanisms, guarantees, green bonds, local currency instruments and interoperable taxonomies, among other financial mechanisms, while promoting voluntary carbon markets with high integrity.
In the statement, the BRICS ministers also highlighted the relevance of COP30, which will be held in Belém in November. They mentioned the importance of greater involvement of the Ministries of Finance and Central Banks in the discussions, especially regarding the Roadmap to reach 1.3 trillion.
The document also includes a commitment to fiscal transparency and to encouraging global dialogue on fair and effective taxation, promoting progressivity and contributing to reducing inequality. The group will also seek to improve global coordination among tax authorities, improve domestic revenue mobilization, and ensure a fair allocation of taxing rights and combat tax evasion and illicit financial flows.
Finally, BRICS made a commitment to strengthen social participation: “We commit to continue proactive efforts to strengthen social participation in the BRICS process, to deepen cooperation between expert communities and civil society of member countries, reinforcing the People-to-People pillar within our economic and financial agenda.”
- Statement by BRICS Finance Ministers and Central Bank Governors
- Declaration of support for the UN Framework Convention on International Tax Cooperation
- BRICS Vision in Rio de Janeiro to the IMF on Quota Reform and Governance