Russia Calls for BRICS to Establish IMF Alternative

As Western pressure mounts, Russia urges BRICS nations to form new financial institutions ahead of upcoming summit.

Russia, leading the BRICS group this year, is advocating for the creation of an alternative to the IMF to counter Western influence.
The BRICS group has expanded to include South Africa, Egypt, Ethiopia, Iran, and the UAE, representing 37% of the global economy.
Top BRICS finance and central bank officials are meeting in Moscow, but many senior officials from key member countries are absent.
Russia faces significant challenges with international transactions due to Western sanctions and is promoting initiatives like a BRICS payment system.
The New Development Bank is currently the only financial institution established by BRICS, focusing on infrastructure and sustainable development.