They called for the completion of the 15th general review of quotas and the creation of a new quota formula before the 2017 IMF annual meeting.
"Despite skepticism, the BRICS were able to put pressure on the IMF and the World Bank to increase the voting share in these global institutions," Srikanth Kondapalli, professor in Chinese Studies at India's Jawaharlal Nehru University, said during an interview with Xinhua.
BRICS gathers the world's five major emerging economies, which represent nearly 3 billion people or about 40 percent of the global population, with four of its members (excluding South Africa) among the world's top 10 most populous nations.
In December 2015, the U.S. Congress eventually ratified the IMF's 2010 quota and governance reform plan, which had been blocked for years. After that, China became the third biggest shareholder of the IMF, and Brazil, India and Russia were also included among the top 10 shareholders of the institution.
Swaran Singh, professor for diplomacy and disarmament at India's Jawaharlal Nehru University, said "BRICS presents an alternative voice with great potential for making a valuable addition to global governance."
"BRICS leaders must ensure that they do not lose out on this great opportunity to make a difference," he added.
NDB EXPECTED TO PLAY BIGGER ROLE
At the G20 Hangzhou summit, Xi also called upon members of the emerging-market bloc to drive the BRICS New Development Bank (NDB) to implement the first batch of projects and boost the bank's management level and financing capabilities.
【国内英语资讯:Spotlight: G20 Hangzhou summit offers impetus to BRICS greater role in global economic gov】相关文章:
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