New Delhi: BRICS(Brazil, Russia, India, China, South Africa) economies are growing at a faster pace than the developed western countries. In the current global outlook, BRICS countries demanded to increase the role of developing economies in the affairs of the International Monetary Fund and World Bank. BRICS have also advocated decreasing dominance of developed countries and making the affairs more transparent in IMF and World Bank. With their growing contributions, Heads of the government of Brazil, Russia, India, China and South Africa have sought more prominent role in global economy in the meet held in New Delhi.

On the global economic slowdown, BRICS nations have told developed economies to take steps to increase the liquidity flow globally. BRICS nations have also said that developed economies should lead from the front in order to strengthen global markets and banking system.

BRICS members have shown their concern over the slow improvements in IMF and have urged to implement the accepted Agenda of 2010. BRICS nations have also told that they should get more funds from IMF. As well they have advocated more transparency in selection process of heads of IMF and World Bank.