BRICS Countries Reaffirm Support for Boost In IMF Crisis Funding, Cite Need for Reform

LOS CABOS, Mexico—Leaders from the BRICS group of emerging economies—Brazil, Russia, India, China and South Africa—affirmed their readiness June 18 to bolster the capacity of the International Monetary Fund to help limit any contagion from the European sovereign debt and banking crisis.

In a joint statement issued after a meeting of BRICS leaders on the sideline of the June 18-19 Group of 20 summit, the group said they expected their contribution to be reciprocated by IMF members carrying out agreed reforms that would bolster the voting power of emerging economies in the organization.

IMF Managing Director Christine Lagarde later said ...