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BRICS Finance Ministers Push for IMF Reforms Ahead of Key Meeting
BRICS Finance Ministers Push for IMF Reforms Ahead of Key Meeting
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BTCCSquare news:
BRICS finance ministers have united for the first time to demand sweeping reforms at the International Monetary Fund. The bloc's proposal targets the fund's governance structure, advocating for revised voting rights distribution and an end to Europe's traditional hold on leadership positions.
The coalition seeks to rebalance quotas to better reflect developing economies' growing influence, insisting any new formula must account for purchasing power parity and currency valuations. This challenge to the Bretton Woods system emerges as BRICS consolidates its role as a counterweight to Western-dominated financial institutions.
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