[xyz]: IMF to give BRICS emerging economies more voting power?
Quote: An unexpected change in Moscow’s position was just after a meeting between Putin and IMF Chief Christine Lagarde on Sunday.
This gives a hint that the IMF reform that BRICS has long awaited could have been kicked-off.
BRICS has urged reforms to give emerging economies more influence in decision-making.
At present, the votes are distributed in accordance with the quotas in the capital fund. The US has the biggest share – 16.74 percent; it’s followed by its allies Japan (6.23 percent), Germany (5.81 percent), France and the United Kingdom (4.29 percent each). The five BRICS countries only have only 11.03 percent with Russia having 2.39 percent. LINK