Brazil Renews Push for IMF Reform, Sees BRICS Bank Alternative
- Long-delayed reform of IMF quotas unlikely to move forward now
- Developing nations seeking alternative sources of financing
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Brazil is bringing an urgent message to next week’s meetings of the International Monetary Fund: Western-backed lenders must give developing nations more say if they want to remain relevant.
A major redistribution of IMF quotas to correct the underrepresentation of large emerging-market economies has been a decades-old demand from Brazil and other key developing countries, but the price of inaction is growing higher, according to Tatiana Rosito, international affairs secretary at the Brazilian Finance Ministry.