Luana Lourenço and Wellton Máximo        Reporters Agência Brasil

Brasília – Speaking at the G-20 summit in Los Cabos, Mexico, president Dilma Rousseff declared that the BRICS (Brazil, Russia, India, China and South Africa) are willing to increase their contributions to the International Monetary Fund if changes in the institution are concluded that would increase BRICS participation in decisions and votes.

Meanwhile, Brazil’s minister of Finance, Guido Mantega, explained that the additional contribution to the IMF by the BRICS would be made under certain conditions that would include adjusting quotas that would give them more power in the organization (an agreement was made in 2010 on new quotas for developing nations but it has not been ratified).  Besides that, the new funds would only be used to help countries in crisis after the IMF has used funds it already has on hand.

In their meeting before the official opening of the summit, BRICS leaders also issued a call for a declaration of intentions by the G-20 that would calm concerns about the crisis in the euro zone because that crisis threatens global growth. Finally, they made a plea for strengthening multilateral banks of development (“fomento”) in order to ensure a flow of investments for infrastructure and social projects in developing countries.

Yesterday Dilma had private conversations with the president of Argentina, Cristina Kirchner, the president of the Council of Ministers of Italy, Mario Monti, and the German chancellor, Angela Merkel.

The G-20 summit continues today.

Tomorrow, June 20, Dilma will go directly to Rio de Janeiro for the Rio+20 United Nations Sustainable Development Conference, which will be entering a critical phase when the wording of the final declaration must be completed. An attempt is being made to come up with commitments and goals that will become a legacy, transforming Rio+20 into a landmark event.

Allen Bennett – translator/editor The News in English

Link - Dilma reafirma, no México, que Brics cobra reforma do FMI

Link - Mantega anuncia que Brics ampliará contribuições ao FMI