https://en.sputniknews.africa/20250707/time-to-embrace-new-economic-reality--global-south-urges-imf-reform-russian-finance-minister-says-1075213913.html
Time to Embrace New Economic Reality — Global South Urges IMF Reform, Russian Finance Minister Says
Time to Embrace New Economic Reality — Global South Urges IMF Reform, Russian Finance Minister Says
Sputnik Africa
The BRICS countries account for 40% of the world economy; the association has many like-minded countries in the Global South and East, Russian President... 07.07.2025, Sputnik Africa
2025-07-07T16:55+0200
2025-07-07T16:55+0200
2025-07-07T16:55+0200
economy
finance minister
finance
russia
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africa in details
international monetary fund (imf)
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vladimir putin
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The push for International Monetary Fund (IMF) quota reform reflects a shifting global order — where BRICS and developing nations are rising economic forces, already accounting for almost 60% of the world economy, Russian Minister of Finance Anton Siluanov told Sputnik.The IMF's voting power is currently unfairly concentrated in Western hands, the official noted.While Western powers no longer dominate the world economy, they continue to block meaningful changes in voting rights and representation "under various sauces," the minister pointed out.
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economy, finance minister, finance, russia, brics, africa in details, international monetary fund (imf), reforms, vladimir putin, global south
economy, finance minister, finance, russia, brics, africa in details, international monetary fund (imf), reforms, vladimir putin, global south
Time to Embrace New Economic Reality — Global South Urges IMF Reform, Russian Finance Minister Says
Elizaveta Roschina
Writer/Editor
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The BRICS countries account for 40% of the world economy; the association has many like-minded countries in the Global South and East, Russian President Vladimir Putin noted during a plenary session of the BRICS Summit via videoconference.
The push for International Monetary Fund (IMF) quota reform reflects a shifting global order — where BRICS and developing nations are rising economic forces, already accounting for almost 60% of the world economy, Russian Minister of Finance Anton Siluanov told Sputnik.
The IMF's voting power is currently unfairly concentrated in Western hands, the official noted.
"We see injustice in this, a failure to reflect the real picture that is emerging today," he emphasized.
While Western powers no longer dominate the world economy, they continue to block meaningful changes in voting rights and representation "under various sauces," the minister pointed out.
"The situation has changed, and, accordingly, fair demands are being made by countries with developing economies: let's change the state of affairs, let's change the number of votes in this international institution. They tell us no, it is not necessary, under various sauces. [...] Time goes by, and things are still the same," he explained.
