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BRICS Needs to Create its Own Analogue of IMF, Russian Duma Vice Speaker Suggests

11:09, 13 July 2024

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Kirill Kurevlev

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The X BRICS Parliamentary Forum takes place on July 11-12 at the Tauride Palace in the Russian city of St. Petersburg. Russia assumed the chairmanship of the 10-member association on January 1.

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The BRICS countries need to create their own analogue of the International Monetary Fund (IMF) to ensure the sovereignty of the organization, Russian State Duma Vice Speaker Alexander Babakov from "A Just Russia - For Truth" party said.

"We need to create our own analogue of the International Monetary Fund. Call it whatever you want. International Monetary Fund-2 or something else, but the main thing is that, in essence, it is our own institution, a set of institutions of the new financial system. In this case, we will ensure the real sovereignty of our organization and those countries that plan to consider their cooperation with us," the lawmaker explained.

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Meanwhile, chairwoman of the Russian Federation Council, Valentina Matvienko, said at the forum that a multilateral digital settlement and payment platform can be created in BRICS. The report on the issue is being prepared by the Ministry of Finance and the Russian Central Bank.

In this case, digital currencies of the central banks of the association countries can be used, the rate of which will be tied to the value of national currencies, Matvienko added.

"In addition, this digital settlement and payment platform will be decentralized, when none of the participants will be able to restrict the actions of others. If the initiative proposed by Russia is approved, the BRICS countries will be required to coordinate legislative work on the introduction of a national digital currency into circulation and its use in cross-border payments," the senator concluded.

Russia's BRICS chairmanship is held under the motto of strengthening multilateralism for equitable global development and security. As part of its chairmanship, Russia organizes more than 200 political, economic, and social events.

Since its founding in 2006, the BRICS group has undergone two waves of expansion. In 2011, South Africa joined the original membership of Brazil, Russia, India, and China. In August 2023, six new members were invited to join the association, including Argentina, but at the end of December, it refused to join. Five new members of the association - Egypt, Iran, the United Arab Emirates, Saudi Arabia, and Ethiopia - began full-fledged work in BRICS on January 1 this year.

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