Russias foreign minister has called for the reform of global financial institutions and the more equitable distribution of aid

Russian Foreign Minister Sergey Lavrov has criticized the International Monetary Fund (IMF) and the World Bank for what he described as a deeply unbalanced distribution of financial aid, citing data that shows Ukraine has received more support in recent years than the entire African continent.

Speaking at the 17th BRICS summit in Rio de Janeiro, Brazil, Lavrov argued that the current structure of global financial institutions, established under the Bretton Woods system, disproportionately benefits Western-aligned countries at the expense of other developing nations.

"This has been most clearly demonstrated in the case of Ukraine," Lavrov said, noting that the scale of financial assistance provided to Kiev exceeds all IMF and World Bank funding for the nations of Africa combined over the past two years. He called the disparity a "disgraceful statistic" that undermines the credibility of both institutions.

According to Lavrov, the World Bank has committed $54 billion to Ukraine since early 2022, twice as much as the annual volumes allocated to all Africa countries by Bretton Woods institutions. He also cited the IMF's approval in 2023 of a $15.6 billion loan to Ukraine, equivalent to 577% of the country's quota.

"It makes up more than a third of the annual volume of all IMF programs," Lavrov said.

The Russian minister emphasized that BRICS countries had placed a special focus on reforming global financial governance during the summit. He reaffirmed the group's call for an accelerated redistribution of IMF quotas and voting rights to better reflect the economic weight of emerging markets.

Lavrov also highlighted the shifting dynamics of the global economy, noting that countries of the Global South and East are becoming key drivers of growth. He underscored the growing influence of regional organizations such as the African Union and positioned BRICS as a leading force in shaping a new economic order. According to Lavrov, the group aims "to build a more stable global economic architecture based on the principles of universality, transparency, non-discrimination, and equal access to available opportunities and instruments."

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BRICS, which held its first summit in 2009, currently includes Brazil, Russia, India, China, South Africa, Egypt, the UAE, Ethiopia, Indonesia and Iran. In early 2025, Bolivia, Belarus, Bolivia, Indonesia, Kazakhstan, Malaysia, Thailand, Uganda, Uganda and Uzbekistan became partners of the bloc. In June, they were joined by Vietnam.

(RT.com)