BRICS finance chiefs call for IMF, World Bank reform, criticize tariffs

BRICS finance ministers and central bank governors issued a joint statement on September 11, 2026, calling for urgent reforms to the International Monetary Fund and World Bank to increase the influence of emerging market and developing economies. The statement, released after a meeting in Mumbai, also expressed serious concerns about the unilateral imposition of tariffs and non-tariff measures that distort trade. The officials from the 11-member bloc stated that the governance structures of the Bretton Woods institutions must be reformed to reflect the transformation of the global economy since their establishment. They called for changes to quota and voting shares to ensure the voice and representation of emerging markets and developing economies reflect their relative position in the global economy. The statement urged the IMF to implement without delay the quota increases agreed under its 16th General Review and to develop meaningful quota realignment in the 17th review.