BRICS Leaders Call for Overhaul of IMF and UN Structures

Leaders of the BRICS nations gathered in Rio de Janeiro this weekend to press for significant reforms in global governance, focusing on the International Monetary Fund (IMF) and United Nations (UN) systems. The expanded bloc, now comprising 11 member countries, called for a more equitable international order that reflects current economic realities and the growing influence of the Global South.

The 17th BRICS Summit culminated in a 31-point joint declaration urging major global institutions to modernize their governance frameworks. Finance ministers agreed on a landmark proposal to realign IMF voting rights based on economic output and purchasing power, aiming to give emerging economies a stronger voice in international financial decision-making.

“The world is changing, and so must the institutions that govern it,” said Brazil’s President Luiz Inácio Lula da Silva, chairing the summit under the theme “Inclusive and Sustainable Global South.” He emphasized the importance of cooperation among developing nations to reshape global systems long dominated by Western powers.

Ethiopian Prime Minister Abiy Ahmed, attending the summit, highlighted the crucial need to improve decision-making processes at international financial institutions. He noted that successful cooperation relies on institutions that foster mutual trust and collective security.

“Our global financial institutions need improved decision-making mechanisms,” Prime Minister Abiy said in remarks shared by his office. “Institutions that promote trust and cooperation among nations are essential for achieving sustainable and effective partnerships.”

He further stated that BRICS has evolved into a strong force for global change, strengthened by the addition of new members. “With the inclusion of new countries, our collective voice grows stronger, and our shared objectives become clearer and more impactful.”

BRICS members also condemned the rise of protectionist policies, expressing concern over the uncertainty tariffs bring to international trade. The group reiterated its opposition to any unilateral actions that undermine multilateral cooperation and economic stability.

The summit further addressed geopolitical tensions in the Middle East, condemning recent military strikes on Iran and Gaza as violations of international law. While avoiding direct naming of responsible parties, the bloc called for peaceful dialogue and respect for sovereignty.

On the climate front, the leaders urged wealthy nations to increase funding for global climate initiatives. They backed Brazil’s “Tropical Forests Forever” fund as part of efforts to balance environmental protection with the developmental needs of emerging economies.