The Freeland File
Global Market Data
Tales from the Trail
Lucy P. Marcus
David Cay Johnston
The Great Debate
Jack & Suzy Welch
Macro & Markets
Lipper Awards 2012
Personal Finance Video
Our best photos from the last 24 hours. Full Article
Images of February
U.S. charges JetBlue pilot for midair meltdown
Pope meets Cuba's Fidel Castro, slams U.S. embargo
28 Mar 2012
Exclusive: Brazil to rally BRICS against rich countries
28 Mar 2012
Shooter of Florida teen appears uninjured in video
Obama lawyer asks Supreme Court to save healthcare law
28 Mar 2012
Poll: Americans angry with Obama over gas prices
Cheney recovering after heart transplant: spokeswoman
Black friend defends shooter of Florida teen
Congressman dons a hoodie, gets kicked off House floor
Wed, Mar 28 2012
Elephant runs away from circus
Horror hits the runway in Japan
Fri, Mar 23 2012
BRICS nations voice concern over pace of IMF reforms
BRICS back expanding capital base of multilateral institutions
Analysis & Opinion
Jim Yong Kim and Dartmouth’s culture of sexual assault
BRICS: future aid superpowers?
Brazilian Trade Minister Fernando Pimentel (L-R), Russia's Economic Development Minister Elvira Nabiullina, India's Trade Minister Anand Sharma, China's Minister of Commerce Chen Deming and South African Minister of Trade and Industry Rob Davies, shake hands during a group photograph at the BRICS Summit Forum themed ''BRICS Partnership for Stability, Security and Growth'' in New Delhi March 28, 2012.
Credit: Reuters/Vijay Mathur
By Rajesh Kumar Singh
NEW DELHI |
Thu Mar 29, 2012 3:29am EDT
NEW DELHI (Reuters) - The BRICS group of emerging market nations voiced concern about the slow pace of reforms within the IMF in a draft summit declaration that also called for a transparent process to select the next World Bank president.
The leaders of the so-called BRICS nations - Brazil, Russia, India, China and South Africa - were meeting in the Indian capital Delhi on Thursday.
Promised changes to give the emerging powers greater voting rights at the International Monetary Fund have yet to be ratified by the United States, adding to frustration over reform of the G7 and the U.N. Security Council, where India and Brazil have been angling for years for permanent seats.
The draft statement, a copy of which was seen by Reuters, called on developed nations to avoid creating excess liquidity in the global financial system, a common complaint of developing nations whose economies have been buffeted by rapidly changing capital flows in recent years.
For a graphic on the BRICS economies, click:
For a video about the BRICS' economic woes, click:
The BRICS group so far has not come out in support of any of the three candidates hoping to replace U.S. official Robert Zoellick at the head of the World Bank.
IRAN'S NUCLEAR RIGHTS
The draft statement said the crisis over Iran's nuclear program should be resolved diplomatically and should not be allowed to escalate. The draft declaration recognized the right of Iran to pursue peaceful nuclear energy.
The five BRICS nations, who collectively account for nearly half the world's population and a fifth of economic output, were also expected to announce steps to bring their economies closer together, including linking their stock exchanges and plans for a joint development fund in the mould of the World Bank.
The chairman of Russia's largest state development bank said Moscow and New Delhi will switch to trading in domestic currencies in three years.
"With China it took us three years to (evolve) from initial conversations to trading in local currencies," chairman of VEB state bank Vladimir Dmitriev told reporters on the sidelines of the summit.
"I think we will meet similar terms with India," he said.
(Additional reporting by Matthias Williams, Brian Winter and Alexei Anishchuk; Editing by Paul Tait)
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Back to top
New York Legal
Support & Contact
Connect with Reuters
Our Flagship financial information platform incorporating Reuters Insider
An ultra-low latency infrastructure for electronic trading and data distribution
A connected approach to governance, risk and compliance
Our next generation legal research platform
Our global tax workstation
About Thomson Reuters
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.