Brics Break Through

Brics nations threaten IMF funding

Leaders of the world's most powerful emerging economies have threatened to withhold additional financing requested by the International Monetary Fund to fight the European sovereign debt crisis unless they gain greater voting power at the Fund.
Meeting in India on Thursday, the heads of state from Brazil, Russia, India, China and South Africa expressed frustration at the slow pace of reform at the Washington-based multilateral lender, historically dominated by Europe and the US.
In a joint statement, the so-called Brics nations said there was an urgent need to "better reflect economic weights" .

“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,” the said. The Fund’s shareholders agreed in 2010 to shift more of its voting weight towards emerging markets nations, but the US has not passed enabling legislation.
The leaders also criticised western countries for their poor handling of the global economy in the aftermath of the financial crisis.  http://www.ft.com/cms/s/0/a3b88472-7982-11e1-8fad-00144feab49a.html#ixzz1riJjB4uv