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.
- J&K: Students Suffer As Schools Along LOC Forced To Shut Amid Firing
- Jayalalithaa’s Health: AIADMK Women Supporters Continue Special Prayers For CM
- HTC Desire 10 Lifestyle First Look Video
- Fissures Remain Within Samajwadi Party: All You Need To Know
- Big Cheer For Delhi-Noida Commuters, DND Flyway Becomes Toll Free
- PM Modi Meets New Zealand Prime Minister John Key
- Ex-Arunachal CM Kalikho Pul Left Behind “Secret Notes” Before He Was Found Hanging: Rajkhowa
- Big Relief For Former Karnataka CM BS Yeddyurappa: Here’s Why
- Missing For Three Days, JNU Student Found Dead In Hostel Room
- Bigg Boss 10: Review Of October 25 Episode
- Delhi Government’s Rs 200 Crore Riverfront Plan: Find Out More
- School in Jammu & Kashmir’s Bandipore District Set on Fire
- Ajay Devgn On The Making Of Shivaay: Exclusive Interview
- Bodies Of Maoists Killed In Malkangiri Encounter, One Of The Biggest Such Operations
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.