{"id":11589,"date":"2012-06-18T23:33:23","date_gmt":"2012-06-18T21:33:23","guid":{"rendered":"http:\/\/www.myza.co.za\/06\/update-1-brics-economies-to-boost-imf-funds-study-currency-swaps\/"},"modified":"2012-06-18T23:33:23","modified_gmt":"2012-06-18T21:33:23","slug":"update-1-brics-economies-to-boost-imf-funds-study-currency-swaps","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-brics-economies-to-boost-imf-funds-study-currency-swaps\/","title":{"rendered":"UPDATE 1-BRICS economies to boost IMF funds, study currency swaps"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* BRICS to boost funds to IMF, but want reforms<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Swap, reserve pooling of currencies to be studied<\/p>\n<p><span><\/span><\/p>\n<p>By Lesley Wroughton<\/p>\n<p><span><\/span><\/p>\n<p>LOS CABOS, Mexico, June 18 (Reuters) &#8211; The five BRICS<br \/>\nemerging economies said on Monday they agreed to enhance their<br \/>\ncontributions to the International Monetary Fund and to explore<br \/>\ncurrency swaps as part of efforts to promote global financial<br \/>\nstability.<\/p>\n<p><span><\/span><\/p>\n<p>Leaders of developing world powers Brazil, Russia, India,<br \/>\nChina and South Africa met on the margins of the G20 summit in<br \/>\nLos Cabos, Mexico, and &#8220;agreed to enhance their own<br \/>\ncontributions to the IMF,&#8221; they said in a statement.<\/p>\n<p><span><\/span><\/p>\n<p>The group did not say how much cash they would offer the<br \/>\nIMF, which is seeking a $430 billion infusion of funds, but<br \/>\nunderscored that the monies would came with conditions on how<br \/>\nthey were used and were linked to reforms that would five the<br \/>\ndeveloping world more say at the Washington-based fund.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;This is with the understanding that these resources will be<br \/>\ncalled upon only after existing resources &#8230; are substantially<br \/>\nutilized,&#8221; said the statement.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;These new contributions are being made in anticipation that<br \/>\nall the reforms agreed upon in 2010 will be fully implemented in<br \/>\na timely manner, including a comprehensive reform of voting<br \/>\npower and reform of quota shares,&#8221; it added.<\/p>\n<p><span><\/span><\/p>\n<p>In another sign the big emerging economies were pushing for<br \/>\nmore influence in the global financial system, and seeking wider<br \/>\nuse of currencies other than the dollar and euro, the BRICS<br \/>\nstatement said the five leaders had &#8220;discussed swap arrangements<br \/>\namong national currencies as well as reserve pooling.&#8221;<\/p>\n<p><span><\/span><\/p>\n<p>BRICS finance ministers and central bank governors were<br \/>\ninstructed to study the swaps and pooling arrangements and<br \/>\nrelevant internal legal issues and report back to the leaders at<br \/>\nnext year&#8217;s BRICS summit in South Africa, the statement said.<\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* BRICS to boost funds to IMF, but want reforms * Swap, reserve pooling of currencies to be studied By Lesley Wroughton LOS CABOS, Mexico, June 18 (Reuters) &#8211; The five BRICS emerging economies said on Monday they agreed to enhance their contributions to the International Monetary Fund and to explore currency swaps as part [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-11589","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/11589","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=11589"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/11589\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=11589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=11589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=11589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}