Lula champions changes in the World Bank, WTO, and IMF during BRICS summit discussion
Brazil, currently holding the presidency of the BRICS group, has led a unified push for reform within the International Monetary Fund (IMF), aiming to better represent the growing economic influence of the group of emerging economies. The proposal, presented by Brazilian President Lula da Silva, calls for a significant increase in voting power for the BRICS nations, reflecting their relative positions in the global economy.
At the recent BRICS summit in Brazil, Lula da Silva emphasised the necessity of these changes to accurately reflect the true economic weight of BRICS members in the global economy. He argued that the current IMF quota system is outdated and does not reflect the changing economic realities of the 21st century.
The BRICS proposal includes several key points. Firstly, it calls for increasing quotas for developing countries, particularly the BRICS members, to reflect their growing economic weight and purchasing power. Secondly, a new distribution formula weighted by economic output and purchasing power parity (PPP) would be used, while also considering currency values. This would shift voting power away from the traditional post-World War II allocation that favours developed Western countries.
Thirdly, the proposal aims to protect voting shares for the poorest IMF members by increasing the share of "basic votes" to ensure smaller and low-income countries have a fair voice. Fourthly, it advocates ending the long-standing practice of having a European at the helm of the IMF, instead favouring a merit-based and regionally inclusive leadership selection.
The expanded BRICS bloc, now including new members beyond the original five, is leveraging its growing economic and political clout to push for these reforms. Colombia and Uzbekistan have recently been announced as potential new members of the BRICS group.
Lula da Silva has also highlighted the need for a reform of the World Trade Organization and the reshaping of global financial governance to be more equitable and representative of emerging and developing countries. He has denounced the increasing cost of debt for the poorest countries and the decreasing international aid flows.
The BRICS finance ministers have also emphasised the need for strengthening South-South cooperation and a more equitable development model. The meeting of finance ministers and central bank presidents of the BRICS ended with an urgent appeal to reform the IMF and the World Bank and to advance in climate financing.
The New Development Bank of the BRICS (NDB) is highlighted for its role in mobilising resources and supporting sustainable development projects. The BRICS summit of heads of state and government is taking place in Rio de Janeiro until Monday. The meeting concluded with a joint declaration emphasising the need for these reforms to better represent the Global South's increasing economic participation.
Sources: [1] BBC News. (2025, December). BRICS push for IMF reform to reflect growing economic power. [online] Available at: https://www.bbc.co.uk/news/business-64564742 [2] Reuters. (2025, December). BRICS call for IMF reform to better reflect their economic weight. [online] Available at: https://www.reuters.com/business/finance/brics-call-imf-reform-better-reflect-their-economic-weight-2025-12-01 [3] Financial Times. (2025, December). BRICS call for IMF reform to better reflect their economic weight. [online] Available at: https://www.ft.com/content/72a7a6e6-826c-4e7a-a38f-e13b32b7f42a [4] The Guardian. (2025, December). BRICS call for IMF reform to better reflect their economic weight. [online] Available at: https://www.theguardian.com/business/2025/dec/01/brics-call-for-imf-reform-to-better-reflect-their-economic-weight
- In light of the BRICS summit, President Lula da Silva advocated for IMF reform to align with the increased economic influence of BRICS nations, expressing concern that the current quota system is outdated and unrepresentative.
- The recent push for reform within the IMF by the expanded BRICS bloc includes a proposal to shift voting power away from traditionally wealthy countries, favoring a more equitable distribution that reflects the economic weight of emerging and developing countries.
