Top Russian diplomat says reformation of global financial system 'long overdue'

Sergey Lavrov says share of economic bloc BRICS in global financial and monetary bodies should increase

09:28 - 12/04/2024 Friday
File photo
File photo

Russian Foreign Minister Sergey Lavrov said on Thursday that issues of reformation of the global financial system have been "long overdue."

Speaking in Moscow at a meeting with lawmakers of the BRICS economic bloc, Lavrov said according to "objective economic indicators" the share of the US in the capital and votes of the international financial and monetary bodies has to decrease while the share of the initial "BRICS five" -- Brazil, Russia, India, China, South Africa -- to increase.

Washington, however, he added, is hindering reforms, revision of quotas and votes, and trying to preserve its share in the World Bank and International Monetary Fund, which allows the US to unilaterally block most of the decisions.

"This is unjust and undemocratic, and simply unfair. We will work in these directions with particular enthusiasm. This is important for our practical actions," Lavrov stressed.

The minister pledged to contribute to increasing the role of BRICS countries in the global financial and monetary system, deepening cooperation among banks, reforming international payment system and expanding the use of national currencies in trade.

Russia also sees the fight against terrorism as one of the priorities for BRICS countries and urges the bloc members to develop cooperation in this domain, he said.

"We have a BRICS working group on anti-terror. The recent tragic events in the Crocus City Hall near Moscow have once again demonstrated the need to intensify the joint efforts of specialists in these fields and legislators to counter this global evil," he emphasized.

Parliaments play an important role in updating and strengthening the legislative framework for making the necessary decisions by law enforcement agencies against terrorists, he said.

BRICS, which was founded in 2009 by Brazil, Russia, India, and China, expanded to include South Africa in 2011, giving it the name BRICS. Six more countries joined the association in December 2023.

At least 144 people were killed and more than 550 others injured when gunmen opened fire at the Crocus City concert hall in Krasnogorsk, Moscow Oblast on March 22. Russia has charged four people for being directly involved in the attack.

#global financial system
#Sergey Lavrov
1 month ago