US hampers reform of international financial system in favor of BRICS — Lavrov

  MOSCOW: The United States seeks to slow down reforms of international monetary and financial institutions in order to maintain its dominan...

 


MOSCOW: The United States seeks to slow down reforms of international monetary and financial institutions in order to maintain its dominance, although in terms of objective macroeconomic indicators it has long lost its primacy to the BRICS countries, Russian Foreign Minister Sergey Lavrov said at a meeting with representatives of the relevant parliamentary committees on international affairs of the BRICS countries.

"At the World Bank and the International Monetary Fund, the United States is trying in every possible way to slow down reforms, slow down the revision of quotas and votes and maintain its share, which allows it to single-handedly block most decisions," he noted.

"Of course, this is unfair and undemocratic, and simply dishonest. Therefore, we will work on these areas with particular enthusiasm. This is important for our practical actions," he said.

The Russian top diplomat drew attention to the fact that "the aspects of reform of the international monetary and financial system are becoming more and more acute, they have long been overdue."

"If we are guided by objective macroeconomic financial indicators, then the share of the BRICS five, the original five members, in the capital and in the votes of international monetary and financial institutions should already be greater than it is now, and the US share should be reduced. Let me stress it: based on objective economic indicators," he explained.

Touching upon banking cooperation, the minister mentioned the New BRICS Development Bank. According to him, this bank "has its own specifics: not only members of the association can be its shareholders, but also countries that are not members of BRICS."

"In the last couple of years, there have been attempts by Western representatives to influence the activities of the New Development Bank, to subordinate these activities to tasks that are not enshrined in the charter of this bank, but now, as I understand it, everyone is aware of the need to prevent such attempts and strictly rely on established statutory goals," he stated.

"We will contribute to increasing the role of BRICS participants in the international monetary and financial system, deepening interbank cooperation, transforming the system of international payments and expanding the use of our national currencies in mutual trade," Lavrov stressed.


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Local Glob: US hampers reform of international financial system in favor of BRICS — Lavrov
US hampers reform of international financial system in favor of BRICS — Lavrov
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