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BRICS concerned about slow economic recovery
Criado em 05/09/13 19h14
e atualizado em 11/09/13 11h37
Por Renata Giraldi
Edição:s
Fonte:Agência Brasil
Brasília – President Dilma Rousseff met on Thursday (September 5) in St Petersburg, Russia, with other leaders of BRICS, a bloc whose members are Brazil, Russia, India and South Africa. Brazil’s Ministry of Foreign Relations then announced that the bloc is concerned about the economic situation all across the globe. According to the note issued by the Ministry, the BRICS leaders remarked that the pace of recovery is still slow, unemployment rates are still high in certain countries, and challenges and vulnerabilities are still visible in the current economic scenario, especially in the more advanced economies. “[They] believe that the leading economies, including those of G20 countries, could do more to increase global demands and the reliability of the market.”
According to the Brazilian Ministry, BRICS showed concern for “unconventional” financial policies adopted by the developed economies that are harmful to developing ones. “[The leaders] stressed that the normalization of the economy should be calibrated in an effective and cautious way, as well as clearly communicated.”
The note further states that BRICS regrets the delay in carrying out the International Monetary Fund reform, which was passed in 2009 but has not been put in place so far: “BRICS leaders have also made clear their concern for the stagnation in starting the reform of the IMF.” For Brazil, India, Russia, China and South Africa, the Quota and Governance Reform, passed in 2010, should be introduced as soon as possible. The reform gives more importance to the participation of low-income countries in decisions made in the institution.
As regards the BRICS Bank, country leaders said there has been progress in the negotiations related to capital structure, composition, shareholders’ participation and governance. The bank will have as its seed capital US$ 50 billion, which is kept by the bloc.
The BRICS meeting took place right before the beginning of the 8th G20 summit, which is underway in St Petersburg, and aims at promoting economic growth and carrying out measures for increasing employment rates and income all across the globe.
Editors: Valéria Aguiar / Lícia Marques
Translators: Fabrício Ferreira
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