BRICS nations voice concern over pace of IMF reforms

The emerging market nations also call for transparent process to select next World Bank president.

The BRICS group of emerging market nations voiced concern about the slow pace of reforms within the IMF in a draft summit declaration that also called for a transparent process to select the next World Bank president.

The draft statement,a copy of which was seen by Reuters,called on developed nations to avoid creating excess liquidity in the global financial system,a common complaint of developing nations whose economies have been buffeted by rapidly changing capital flows in recent years.

It said the situation in Iran should be resolved diplomatically and should not be allowed to escalate. The draft declaration recognised the right of Iran to pursue peaceful nuclear energy.

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