World Business

BRIC summit to call for reform of IMF, WB

(Xinhua)
Updated: 2010-04-08 16:09

BRASILIA: Brazilian President Luiz Inacio Lula da Silva said Wednesday the upcoming BRIC (Brazil, Russia, India and China) summit will call for reforms of the International Monetary Fund (IMF) and the World Bank.

Lula demanded the international bodies dispose of "their obsolete dogmas and adverse conditions" to ensure a "democratic and balanced global governance" for the economic recovery of developing countries.

"We call for sweeping reforms for developing countries to have an active voice in defining their own future," Lula said in his speech to welcome Liberian President Ellen Johnson Sirleaf.

Lula also said Brazil lent money to the IMF expecting changes in their attitude toward emerging countries. "Brazil did not become a creditor of these bodies for things to remain as before."

Lula said calling for reforms of international financial bodies is also a message that Brazil will take to the Group of 20 (G20) meeting in Washington later this month.

The second summit of BRIC countries is scheduled for April 15-16 in the Brazilian capital of Brasilia.