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BRICKS Summit successful in Delhi

The Brics Summit took place yesterday at Taj Mahal Hotel in New Delhi between the leaders of Brazil, Russia, India, china and South Africa at the BRICS grouping. The theme of this Summit was “BRICS partnership for global stability, security and prosperity”. Let’s take a look on the outcomes of the fourth successful BRICS summit in Delhi:

On the IMF

  • There is an urgent need to implement IMF quota reforms before the 2012 annual IMF/World bank meeting in October.
  • This dynamic process of reform is necessary to ensure the legitimacy and effectiveness of the Fund.
  • "We stress that the ongoing effort to increase the lending capacity of the IMF will only be successful if there is confidence that the entire membership of the institution is truly committed to implement the 2010 Reform faithfully."

On the World Bank

  • The World Bank's new leadership should transform it into a body that "truly reflects the vision of all its members".
  • BRICS nations welcome candidates for president of the World Bank from developing countries.

On Global Markets

  • It is critical for advanced economies to adopt responsible macroeconomic and financial policies, avoid creating excessive global liquidity and undertake structural reforms to lift growth that create jobs.
  • Excessive volatility in commodity prices poses additional risks to the recovery of the world economy.
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