IMF to further financial cooperation with BRICS

Chief of the International Monetary Fund (IMF) Christine Lagarde Wednesday congratulated the establishment of a new reserve arrangement by the BRICS countries, expressing her will to work with them to ensure global financial stability.[Special coverage]

In her message to Brazilian President Dilma Rousseff, the IMF managing director said IMF would be delighted to work with the BRICS team dedicated to the Contingent Reserve Arrangement (CRA), with a view to reinforcing the cooperation.

"The IMF has a very strong relationship with all the BRICS nations, which are key members of this institution. We look forward to further strengthening our collaboration," she said.

The emerging-market bloc of BRICS, or Brazil, Russia, India, China and South Africa, on Tuesday announced the establishment of the CRA in a bid to forge a closer and stronger economic partnership.

The CRA, with an initial size of 100 billion U.S. dollars, will help countries forestall short-term liquidity pressures, promote further BRICS cooperation, strengthen the global financial safety net and complement existing international arrangements, according to a declaration released Tuesday following the sixth BRICS summit in Brazil.