IMF supports improved international cooperation, including BRICS
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The IMF urges to avoid the fragmentation of the global economy despite welcoming BRICS.
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A general view of flags of (From L to R) South Africa, Brazil, Russia, India, and China during the 2023 BRICS Summit at the Sandton Convention Center in Johannesburg, on August 24, 2023 (AFP)
The International Monetary Fund (IMF) supports improved international cooperation, including countries’ desire to join BRICS, IMF Spokesperson Julie Kozack pointed out on Thursday.
"Improved and expanded international cooperation and deepening trade and investment ties among groups of countries, including, for example, the BRICS, is something that we welcome and we encourage, as long as they aimed at reducing market fragmentation, enhancing trade, reducing investment costs," Kozack told reporters.
However, Kozack noted that the IMF urges to avoid the fragmentation of the global economy.
"We believe that would be costly for the global economy," she added.
It is noteworthy that at the last BRICS summit in South Africa, South African President Cyril Ramaphosa said the BRICS leadership has decided to invite Argentina, Egypt, Iran, Ethiopia, the UAE, and Saudi Arabia to join the group.
In the wake of the recent expansion of the BRICS group, concerns have arisen about whether this move would coalesce Cold War-type confrontational blocs, Sputnik reported.
However, former executive director of both the World Bank and the Inter-American Development Bank, Rogerio Studart, has contended these claims arguing that the true motive behind BRICS is promoting international cooperation.
Studart emphasized that the expansion of BRICS is not geared toward antagonizing other trade blocs or instigating a new Cold War-like standoff among nations.
Read more: BRICS and the challenge of solidarity
