Reforming of the International Monetary Fund. Position of BRICS countries

UDC 339.7

Authors

Yasevich S. O.,
Student of the faculty of global studies, Lomonosov Moscow state University, Moscow, Russia

Abstract

The international monetary and financial system plays an important role in the financial system of the world, but the crisis of 2007-2009 revealed significant problems in the structure of the IMF (a financial institution that regulates the activities of the international monetary and financial system). The Bretton Woods institutions demonstrate double standards in dealing with crisis events. The economic crisis of 2008 showed the lack of readiness of the above-mentioned institutions to solve problems and challenges of the modern world. At the same time, many countries are actively developing, and a number of states have turned from borrowers into creditors (including BRICS countries). One of the most important problems was the increasing influence of Russia, China, India and other BRICS countries, which is not accompanied by an adequate change in the position of these states in the IMF system.

Keywords

BRICS, International Monetary Fund, international monetary and financial system, economic cooperation, special drawing rights, IMF reform, Contingent Reserve Arrangement.