Russia says BRICS eye joint anti-crisis fund

(Reuters) - Major emerging economies may set up a joint anti-crisis fund if they do not receive enough say in decision making at the International Monetary Fund under proposed voting reforms, a senior Russian official said.

The leaders of BRICS nations - Brazil, Russia, India, China and South Africa - pledged at the Group of Twenty summit in Mexico to chip in $75 billion to boost the IMF's lending power but had sought to tie the loans to voting reforms.

At the same time BRICS finance ministers and central bank governors were instructed to study possible currency swaps arrangements and report to next year's BRICS leaders' summit in South Africa.

"It is clear that BRICS countries have entered the stage when they can demand to be reckoned with (in the course of the IMF reform)," Deputy Finance Minister Sergei Storchak told reporters.
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The five BRICS nations represent 43 percent of the world's population and about 18 percent of global economic output. They have about $4 trillion in combined reserves, with the lion's share held by export powerhouse China.