Russia Proposes BRICS Financial Alternative to IMF

During a recent meeting in Moscow, Russian Finance Minister Anton Siluanov urged BRICS nations to establish a financial alternative to the International Monetary Fund (IMF) to counter Western political pressures. The discussions, attended by finance ministers and central bank officials from the BRICS group, highlighted the need for new financial institutions tailored to the interests of its members, which now include Iran, Egypt, Ethiopia, the UAE, and Saudi Arabia. Siluanov criticized the current global financial system as being overly controlled by Western powers and emphasized that the BRICS nations, representing 37% of the global economy, need to forge their own financial mechanisms. Amid sanctions that have severely impacted Russia's financial capabilities, the proposed BRICS Bridge payments system aims to facilitate transactions between member states, though progress has been slow. The meeting also aimed to draft a roadmap for future economic cooperation within the BRICS framework. Brazil is set to assume the rotating presidency of BRICS next year, continuing the group's expansion and collaboration efforts.