BRICS to Leave IMF and WTO: Who benefit?
At the forthcoming BRICS summit in Kazan, a major point of discussion will be the pressing need for reform in key global financial institutions, notably the International Monetary Fund (IMF) and the World Trade Organization (WTO). Russian Foreign Minister Sergey Lavrov has underscored the urgency of these reforms, stressing that they are essential for enhancing global economic governance and ensuring that emerging economies gain a more substantial role in shaping international policies.
The BRICS nations are pushing for reforms that reflect the shifting dynamics of the global economy. They contend that the existing structures of the IMF and WTO disproportionately favor developed countries, leading to a persistent underrepresentation of developing nations. Central to their demands is a revision of the IMF’s quota system, which they argue should be updated to better represent the economic size and contributions of emerging economies. Additionally, the BRICS countries are calling for the revitalization of the WTO’s dispute resolution mechanism, which has been paralyzed due to delays in appointing new members to its Appellate Body.
This video will explore the growing discontent among Global South nations toward the IMF and WTO, detailing specific cases where their policies have adversely affected borrowing countries. It will also examine proposed solutions from these nations, which aim to address the challenges and inequalities embedded in the current international financial system.
Credit to : Fastepo