BRICS 'disappointed' by US failure to ratify IMF reform
Updated: 2015-07-09 21:03
By Fu Jing and Wu Jiao in Ufa, Russia(chinadaily.com.cn)
Ufa, Russia - Saying they are "deeply disappointed," the BRICS countries have criticized the United Sates for its failure to ratify the reform package of the International Monetary Fund.
The seventh BRICS summit between Brazil, Russia, India, China and South Africa ended on Thursday.
"We remain deeply disappointed with the prolonged failure by the United States to ratify the IMF 2010 reform package, which continues to undermine the credibility, legitimacy and effectiveness of the IMF," the 43-page Ufa Declaration, issued at the end of the meeting, said.
The emerging economies said the delay has prevented the increase of IMF quota resources and revision of quotas and voting power, which will allow the developing countries and emerging markets to have more say in the financial institution.
"We expect the US to ratify the 2010 reform by mid-September 2015 as agreed in the IMF," the document read.
The reform package was agreed by an overwhelming majority of members of the IMF, including the US.