Dilma Rousseff: BRICS Bank Won't Affect Brazilian Policy on IMF

07/17/2014 - 09h54

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FROM BRASÍLIA

One day after officially founding the bank of the BRICS (the political bloc composed of Brazil, China, Russia, India and South Africa), President Dilma Rousseff said that the institution will not affect Brazilian participation in multilateral institutions such as the International Monetary Fund (IMF).

However, Rousseff said that the IMF does not reflect the current global balance of power.

"We haven't got the slightest interest in leaving the IMF," she said. "On the contrary, we're interested in making it more democratic and representative."

"The new BRICS bank isn't against the IMF, but it is in our interest. And it will always have a different stance in relation to developing countries," she added.

The five countries unveiled the bank on Tuesday, at the BRICS summit in Fortaleza. Its headquarters will be located in Shanghai.

The bloc also agreed on the release of US$ 50 billion to finance infrastructure products in the BRICS countries and in other developing nations.

Translated by TOM GATEHOUSE

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