Russian Foreign Minister Demands BRICS-Led Economic Reform
(MENAFN) Russian Foreign Minister Sergey Lavrov on Sunday emphasized that the BRICS alliance is pushing to reshape the global financial system into one that is more equitable and resilient.
Speaking at the BRICS Summit in Rio de Janeiro, Brazil, Lavrov stated that the group of emerging economies is working to build “a more stable global economic architecture,” according to the Russian Foreign Ministry.
He highlighted the rising influence of regional bodies such as the African Union, the Community of Latin American and Caribbean States (CELAC), the Association of Southeast Asian Nations (ASEAN), the Shanghai Cooperation Organization (SCO), and the Eurasian Economic Union (EAEU). Lavrov said efforts are intensifying to establish a new global economic system grounded in fairness, cooperation, and non-discrimination.
“Nowadays, BRICS stands as an engine of such transformation, which seeks to create a more stable global economic architecture based on the principles of universality, transparency, non-discrimination and equal access to available opportunities and instruments,” he said.
Lavrov criticized the Western-centric economic model, declaring that “multipolarity is not a choice but rather an objective reality which succeeds the outdated neoliberal model that actually builds on neocolonial practices.”
He took direct aim at the U.S. financial system, warning that trust in the American dollar has eroded. Confidence in the US dollar “as a formerly reliable payment instrument was undermined,” Lavrov said. He noted that developing nations are now spending more on servicing debt than on driving their own growth.
Lavrov also warned of mounting fiscal instability in advanced economies. “The situation is going out of control even in developed states. The US has seen a record level of sovereign debt, which reached $37 trillion, and it continues to grow,” he said.
According to Lavrov, BRICS nations represent over 40% of global GDP when measured by purchasing power parity. When including aligned partner countries, the figure rises to 45%, totaling $93 trillion. The bloc also accounts for more than 20% of world trade and encompasses nearly half of the planet’s population.
He concluded with a sharp critique of Western-led financial institutions: “The continued use of the IMF and World Bank with a view to preserve neocolonial practices is unacceptable.”
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