BRICS Calls for Alternative to IMF Amid Western Pressures

Russia, leading the BRICS group this year, urges its partners to establish an alternative to the International Monetary Fund (IMF) to resist Western political pressure. Finance officials convened in Moscow, focusing on the need for new financial systems as the current global setup, dominated by Western countries, fails to address their interests.

In a strategic move to counter Western political pressure, Russia, currently chairing the BRICS group, has proposed the creation of a financial alternative to the International Monetary Fund (IMF). The call comes ahead of the BRICS summit later this month, with key finance officials from member countries convening in Moscow to discuss the proposal.

The group, which now includes South Africa, Egypt, Ethiopia, Iran, the UAE, and Saudi Arabia, gathered as Russian Finance Minister Anton Siluanov criticized the global financial system for being controlled by Western powers. Siluanov emphasized the need for BRICS, which makes up 37% of the global economy, to establish its own institutions to better serve its member countries.

The meeting highlighted Russia's financial challenges, especially after sanctions from the West following its Ukraine invasion. With the country's forex reserves frozen and international market access restricted, the importance of a BRICS-centric financial structure, like the proposed BRICS Bridge payments system, has grown more urgent.

(With inputs from agencies.)