Russia urges Brics partners to develop alternative to IMF at Moscow meeting

Summary: Russia, chairing the Brics group this year, has urged its partners to establish an alternative to the International Monetary Fund (IMF) to reduce Western influence. Russian Finance Minister Anton Siluanov emphasized the need for new financial institutions to serve Brics countries.

At a meeting in Moscow, Siluanov proposed a joint investment platform based on the New Development Bank, the group's only existing financial institution. He highlighted the importance of creating a cross-border payment initiative and other financial structures to support Brics members.

Notably, many finance ministers from key Brics nations, including China, India, and South Africa, did not attend the high-level meeting, sending junior officials instead. This follows accusations of Western pressure on these countries regarding their participation in the upcoming Brics summit.

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