The BRICS Business Forum opens in Rio de Janeiro, Brazil, July 5, 2025. (photo: REUTERS/Pilar Olivares)

The joint statement by the group's finance ministers marks the first time the BRICS countries have agreed on a unified position on the proposed reforms. They agreed to back the shared proposal at an IMF review meeting coming up in December, which will discuss changes to a quota system that defines contributions and voting rights.

The BRICS Finance Ministers’ statement emphasized: “Quota adjustments must reflect the relative position of members in the global economy, while protecting the quota shares of the poorest members.”

Accordingly, BRICS proposed a new formula based on gross domestic product (GDP), purchasing power parity (PPP), and the relative value of currencies, which would help increase voting rights for developing countries.

The ministers also highlighted the need to reform the selection process and enhance regional representation on the IMF Executive Board. Traditionally, the IMF Managing Director position has always been held by a European, while the United States appoints the head of the World Bank.