Leaders of the BRICS group of emerging market nations want Western powers to give them more voting rights at the International Monetary Fund.
After a one-day summit in New Delhi, Brazil, Russia, India, China and South Africa also accused rich countries of destabilising the world economy with their responses to the global financial crisis which give developed countries enormous trade advantages.
On the IMF they said that a “dynamic process of reform” is necessary to ensure the legitimacy and effectiveness of the Fund.”
“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 BRICS leaders said in a joint declaration.
Promised changes to voting rights at the IMF have yet to be ratified by the United States.
The summit participants also took exception to the US, Europe and Britain printing money to get themselves out of the financial crisis saying: “It is critical for advanced economies to adopt responsible macroeconomic and financial policies, avoid creating excessive global liquidity and undertake structural reforms to lift growth that create jobs.”