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  • BRICS countries are an important driving force of economic growth - Lukov

BRICS countries are an important driving force of economic growth - Lukov

On September 5, BRICS Leaders gathered for an informal Summit to discuss issues of cooperation and the coordination of their stance in the G20.

The role of the BRICS economies in the G20 is a very important issue, Vadim Lukov, Ambassador at Large of the Ministry of Foreign Affairs of the Russian Federation, Executive Secretary of the Interagency Commission on Russia's Participation in the G8, G20 and BRICS, said at a briefing at the International Media Centre of the G20 Leaders' Summit.

Through their political and financial support, the BRICS countries made a substantial contribution to the anti-crisis measures adopted in 2008-2010. The countries also played an important role in drafting key decisions for the reform of the World Bank and the International Monetary Fund, the Ambassador said. "It is not our fault that the IMF reform has been delayed. We are interested in the reform because it will bring the IMF in line with 21st century global economic realities," he said, adding that the BRICS countries had contributed a total of $75 billion to IMF assets since July 2012. This was of great help to the IMF, which needs funding for crisis management purposes and for strengthening budgets, primarily those of developed countries.

The BRICS countries acted as a loyal partner during the drafting of key G20 decisions, starting with the Framework for Strong, Sustainable and Balanced Growth and Financing for Investment, and ending with the Third Basel Accord, Vadim Lukov said. This year, the BRICS countries submitted a practical plan during the drafting of the St.Petersburg Action Plan for Growth and Jobs.

The Ambassador also drew attention to the fact that, in 2011-2013, the BRICS economies posted an average growth rate of 4.11%, as compared to the 1.37% average growth rate of developed countries. "This means that the BRICS countries remain an important driving force of global economic growth, and that their role in the global economy, including all the G20 economies, continues to increase," he said.

The BRICS countries have accumulated tremendous foreign currency reserves and practice in implementing reforms, and they continue to improve their mutual coordination in the financial and economic sphere. "There can be no doubt that the BRICS countries will find a way out of the today's complicated financial and economic conditions, and that they will speed up their economic growth, while establishing an important center of global development, which cooperates on an interdependent basis with developed and developing countries," Vadim Lukov said in conclusion.