BRICS Leave IMF and WTO: What are the alternatives?

At the upcoming BRICS summit in Kazan, one of the key topics on the agenda is the reform of international financial institutions, specifically the International Monetary Fund (IMF) and the World Trade Organization (WTO). Russian Foreign Minister Sergey Lavrov has emphasized the importance of addressing these issues to enhance the global economic governance system and make it more inclusive and representative of emerging economies. The BRICS nations, which include Brazil, Russia, India, China, and South Africa, are pushing for reforms that will better reflect the economic realities of the 21st century. They argue that the current structures of the IMF and WTO disproportionately favor developed countries and do not adequately represent the interests of the Global South. This includes calls for revising the IMF’s quota system to give more weight to developing nations and for restoring the full functionality of the WTO’s dispute settlement mechanism. In this video, we explore the reasons behind the dissatisfaction with the IMF and WTO by examining cases where their policies have caused significant issues for borrowing countries. We also discuss the solutions proposed by the Global South to address these challenges.