"We reaffirm our commitment to a strong, quota based and adequately resourced International Monetary Fund (IMF). Borrowed resources by the IMF should be on a temporary basis," stated Goa Declaration on 8th BRICS Summit concluded.

Highlighting the importance of public and private investments in infrastructure, including connectivity, to ensure sustained long-term growth, the leaders of the five nation grouping called for approaches to bridge the financing gap in infrastructure including through enhanced involvement of Multilateral Development Banks.

BRICS Nations Give Nod To New Quota Based Formula
The leaders of Brazil, Russia, India, China and South Africa strongly committed to support the coordinated effort by the emerging economies to ensure that the new quota formula will be finalised within the agreed timelines.

This, they said will ensure that the increased voice of the dynamic emerging and developing economies reflects their relative contributions to the world economy, while protecting the voices of least developed countries (LDCs), poor countries and regions.

BRICS nations welcomed the inclusion of the RMB (Chinese currency) into the Special Drawing Rights (SDR) currency basket on October 1, 2016.

BRICS Nations Demand Reform Of IMF
They called for the advanced European economies to meet their commitment to cede two chairs on the Executive Board of the IMF. They said,"The reform of the IMF should strengthen the voice and representation of the poorest members of the IMF, including Sub-Saharan Africa."

Sharing the concerns regarding the challenges of sovereign debt restructuring, BRICS nations noted that timely and successful debt restructuring is key for ensuring access to international capital markets, and hence economic growth, for countries with high debt levels.
They welcomed the current discussions to improve the debt restructuring process,and on the revised collective action clauses (CACs). "We reiterate our support for the multilateral trading system and the centrality of the WTO as the cornerstone of a rule based, open, transparent, non-discriminatory and inclusive multilateral trading system with development at the core of its agenda," the declaration said.

Noting the increasing number of bilateral, regional, and plurilateral trade agreements, they said that these should be complementary to the multilateral trading system and encourage the parties there on to align their work in consolidating the multilateral trading system under the WTO in accordance with the principles of transparency, inclusiveness, and compatibility with the WTO rules.

Also Read: Goa BRICS 2016: Countering Terrorism Amongst Top Issues In Summit
Meanwhile, Combating cross-border terrorism and its supporters will be a key priority for BRICS, Prime Minister Narendra Modi said today announcing decisions taken by top leaders of the five-nation influential grouping at its annual summit.

In his concluding remarks at the BRICS summit, Modi said it was agreed at the summit that those who nurture, shelter, support and sponsor forces of violence and terror are as much a "threat to us" as terrorists themselves and efforts must be speeded up to deal with the menace. This is seen as a boost to India's stand on the issue as it has been pitching for isolation of Pakistan for its 'terror export'.
PM Modi said the leaders were unanimous in recognising the threat that terror, extremism and radicalization present to regional and global peace, stability and economic prosperity.

"We underscored the need for close coordination on tracking sources of terrorist financing and target the hardware of terrorism, including weapons' supplies, ammunition, equipment and training," he said.