BRICS Putin Calls on Alliance to Reform Global Finance: An Alternative to the IMF?

Amid the ongoing expansion of the BRICS bloc, Russian President Vladimir Putin has called on the alliance to reform global finance. Specifically, Putin has stated that Russia, which chairs the BRICS group this year, has called on its partners to create an alternative to the International Monetary Fund (IMF) to counter what he sees as Western dominance.

Putin said the agenda covered the deepening of financial cooperation, including the development of alternatives to Western-dominated payment systems. This push for an alternative international payments system aims to prevent the US from leveraging its financial influence. Russian President Vladimir Putin said more than 30 states have expressed interest in joining the bloc, signaling a growing desire for a shift in global power dynamics.

The declaration also calls for reforms to global security and strengthening ties amongst member nations. MOSCOW - The focus on financial reform highlights a key goal for BRICS nations: to establish a more equitable and multipolar global financial order.

The initiative seeks to address concerns about the current system and its perceived biases. With Vladimir Putin at the helm, the BRICS summit emphasizes the urgency of creating viable alternatives to existing financial structures.