BRICS nations sought IMF to bridge financing gap in economic growth of developing nations

BRICS nation have sought a strong quota-based and adequately resourced IMF to bridge the financing gap in infrastructure development to push economic growth in developing nations.

Highlighting the importance of public and private investments in infrastructure to ensure sustained long-term growth, the five nation grouping called for approaches to bridge the financing gap in infrastructure including through enhanced involvement of Multilateral



Development Banks. 

BRICS leaders strongly committed to support the coordinated effort by the emerging economies to ensure that the new quota formula will be finalised within the agreed time lines.They said, this will ensure that the increased voice of the dynamic emerging and developing economies reflects their relative contributions to the world economy, while protecting the voices of least developed countries, poor countries and regions.