Committee for the Abolition of Illegitimate Debt

 What do the BRICS BRICS The term BRICS (an acronym for Brazil, Russia, India, China and South Africa) was first used in 2001 by Jim O’Neill, then an economist at Goldman Sachs. The strong economic growth of these countries, combined with their important geopolitical position (these 5 countries bring together almost half the world’s population on 4 continents and almost a quarter of the world’s GDP) make the BRICS major players in international economic and financial activities. countries propose in terms of the international financial system?

Although the 10 BRICS+ member countries represent half of the world’s population, 40% of fossil energy resources, 30% of global domestic product and 50% of growth, they do not propose to implement a different development model.

The BRICS+ countries assert that the IMF IMF
International Monetary Fund Along with the World Bank, the IMF was founded on the day the Bretton Woods Agreements were signed. Its first mission was to support the new system of standard exchange rates.

When the Bretton Wood fixed rates system came to an end in 1971, the main function of the IMF became that of being both policeman and fireman for global capital: it acts as policeman when it enforces its Structural Adjustment Policies and as fireman when it steps in to help out governments in risk of defaulting on debt repayments.

As for the World Bank, a weighted voting system operates: depending on the amount paid as contribution by each member state. 85% of the votes is required to modify the IMF Charter (which means that the USA with 17,68% % of the votes has a de facto veto on any change).

The institution is dominated by five countries: the United States (16,74%), Japan (6,23%), Germany (5,81%), France (4,29%) and the UK (4,29%).
The other 183 member countries are divided into groups led by one country. The most important one (6,57% of the votes) is led by Belgium. The least important group of countries (1,55% of the votes) is led by Gabon and brings together African countries.

http://imf.org should continue to be the cornerstone of the international financial system.

In the final declaration of the BRICS+ summit held in Rio de Janeiro (Brazil) in early July 2025, the following is stated in point 11:

"The International Monetary Fund (IMF) must remain adequately resourced and agile, at the centre of the global financial safety net (GFSN), to effectively support its members, particularly the most vulnerable countries.” https://dirco.gov.za/rio-de-janeiro-declaration-strengthening-global-south-cooperation-for-a-more-inclusive-and-sustainable-governance-rio-de-janeiro-brazil-6-july-2025/

They also express their support for the World Bank World Bank
WB The World Bank was founded as part of the new international monetary system set up at Bretton Woods in 1944. Its capital is provided by member states’ contributions and loans on the international money markets. It financed public and private projects in Third World and East European countries.

It consists of several closely associated institutions, among which :

1. The International Bank for Reconstruction and Development (IBRD, 189 members in 2017), which provides loans in productive sectors such as farming or energy ;

2. The International Development Association (IDA, 159 members in 1997), which provides less advanced countries with long-term loans (35-40 years) at very low interest (1%) ;

3. The International Finance Corporation (IFC), which provides both loan and equity finance for business ventures in developing countries.

As Third World Debt gets worse, the World Bank (along with the IMF) tends to adopt a macro-economic perspective. For instance, it enforces adjustment policies that are intended to balance heavily indebted countries’ payments. The World Bank advises those countries that have to undergo the IMF’s therapy on such matters as how to reduce budget deficits, round up savings, enduce foreign investors to settle within their borders, or free prices and exchange rates.

. In point 12 of their declaration, they indicate a desire to enhance the legitimacy of this institution. However, since their inception, both the World Bank and the IMF have implemented policies that contradict the interests of people and ecological balance Balance End of year statement of a company’s assets (what the company possesses) and liabilities (what it owes). In other words, the assets provide information about how the funds collected by the company have been used; and the liabilities, about the origins of those funds. .

The BRICS+ have stated their intention to bolster the financial capacities of the IMF and enhance the legitimacy of the World Bank.

 
The BRICS countries express a desire for improved representation of so-called developing countries within the IMF and the World Bank. That is all. Numerous authors, along with the CADTM have illustrated that both the World Bank, and the IMF perpetuate an anti-democratic under-representation of these developing nations. Moreover, their governance structures tend to favour the interests of the major economic powers and large private corporations.

In their final declaration, the BRICS countries fails to critique the neoliberal policies that the two Bretton Woods institutions actively promote. At no point do they question the debts that these institutions are demanding repayment from indebted countries.

This stance taken by BRICS in support of the IMF and the WB contradicts the interests of the people and the positions held social and/or anti-globalisation movements. (For further details refer to the Q&A series on the BRICS, particularly the section discussing the BRICS’ backing of the IMF to rescue Milei’s far-right government in Argentina.)

 What is the BRICS+ position on the World Trade Organisation WTO
World Trade Organisation The WTO, founded on 1^st January 1995, replaced the General Agreement on Trade and Tariffs (GATT). The main innovation is that the WTO enjoys the status of an international organization. Its role is to ensure that no member States adopt any kind of protectionism whatsoever, in order to accelerate the liberalization global trading and to facilitate the strategies of the multinationals. It has an international court (the Dispute Settlement Body) which judges any alleged violations of its founding text drawn up in Marrakesh.

(WTO)?

The BRICS+ countries refrain from criticising the neoliberal policies imposed by the IMF and the World Bank on countries seeking loans from them

The BRICS countries have emerged as the principal advocates of the WTO, which has been effectively paralysed by President Trump’s actions during his first term in office. In 2017, the Trump administration declined to appoint new judges to the WTO’s Appellate Body which acts as the “supreme court” of international trade, resolving disputes between states following an initial panel’s ruling. As this body has remained blocked since 2017, the WTO has been rendered inoperable.

In point 13 of the Rio Declaration of July 2025, the BRICS+ countries affirm their support for WTO rules and assert that the WTO must be at the heart of the global trading Market activities
trading Buying and selling of financial instruments such as shares, futures, derivatives, options, and warrants conducted in the hope of making a short-term profit. system. The BRICS+ countries state:

“We emphasise that the WTO, on its 30^th anniversary, remains the only multilateral institution with the necessary mandate, expertise, universal reach and capacity to lead on the multiple dimensions of international trade discussions, including the negotiation of new trade rules.”

It should be remembered that social movements, La Via Campesina and the anti-globalisation movement (the movement against neoliberal capitalist globalisation) have systematically criticised and condemned the WTO for its detrimental role, as its actions run counter to the interests of workers, farmers, local economies and nature (see box on the WTO).

In the final declaration of the BRICS+ summit in Rio 2025, which spans approximately 40 pages and consists of 126 points, there is no reference to the suspension of patents on vaccine production. These patents, however, serve the specific interests of large private pharmaceutical companies, whose main motivation is the pursuit of maximum profits.

To understand the BRICS+ position, it is essential to recognise that China has secured an advantage over the United States and Europe regarding production and trade, both in terms of costs and productivity, and technological advantages in a number of important sectors. China has emerged as a staunch proponent of free trade, free trade agreements, WTO rules and free competition, while the United States, the EU, the UK and Canada have become increasingly protectionist [2] .

In the name of compliance with WTO rules, the BRICS+ countries denounce the protectionist measures and trade sanctions imposed by the United States and the European powers. Of course, Russia and Iran, which are directly affected by the sanctions, strongly advocate for free trade, oppose protectionism, and criticise them (refer to point 14 of the final declaration).

The BRICS countries have emerged as the primary supporters of the WTO, which has been rendered ineffective since the onset of Trump’s first term in office.

In addition, the governments of North America and Western Europe have abandoned the rhetoric and actions that once favoured globalisation—rhetoric they had previously championed as a path to prosperity from the 1990s to the mid-2010s, while engaging in a trade war with China. During this period, from 1997 to 2013, Russia was invited to attend meetings of the G7 (comprising the United States, Canada, Japan, Germany, France, Great Britain, and Italy). Consequently, the G7 was referred to as the G8 G8 Group composed of the most powerful countries of the planet: Canada, France, Germany, Italy, Japan, the UK and the USA, with Russia a full member since June 2002. Their heads of state meet annually, usually in June or July. during this timeframe. Meanwhile, the United States regarded China as an intriguing economic and trading partner (Refer to Benjamin Bürbaumer, Chine/États-Unis, le capitalisme contre la mondialisation, La Découverte, Paris, 2024, 302 pages).

The BRICS countries are are the primary proponents of capitalist globalisation, which is in the midst of a crisis

Now, the BRICS have emerged as the main advocates of capitalist globalisation, which is itself in crisis. In point 8 of the final declaration of the Rio 2025 summit, they state:

“We acknowledge that multipolarity can expand opportunities for EMDCs to develop their constructive potential and enjoy universally beneficial, inclusive and equitable economic globalization and cooperation.”

Point 43 of the declaration reads:

“We reiterate the importance of ensuring that trade and sustainable development policies are mutually supportive, and aligned with WTO rules.”

 Conclusions 

The expansion of the BRICS in 2024, now referred to as BRICS+, has generated expectations regarding their potential to provide an alternative to the global economic system largely dominated by traditional imperialist powers, particularly the United States. However, despite their significant demographic and economic influence — comprising nearly half of the world’s population, 40% of fossil fuel resources, 30% of global GDP GDP
Gross Domestic Product Gross Domestic Product is an aggregate measure of total production within a given territory equal to the sum of the gross values added. The measure is notoriously incomplete; for example it does not take into account any activity that does not enter into a commercial exchange. The GDP takes into account both the production of goods and the production of services. Economic growth is defined as the variation of the GDP from one period to another. , and 50% of economic growth — the BRICS+ nations do not appear to seek a departure from the existing international neoliberal framework.

On the financial front; the final declaration of the Rio summit (July 2025) reaffirms the central role of the IMF and the World Bank. The BRICS+ nations restrict themselves to advocating for better representation of developing countries without challenging the structural adjustment Structural Adjustment Economic policies imposed by the IMF in exchange of new loans or the rescheduling of old loans.

Structural Adjustments policies were enforced in the early 1980 to qualify countries for new loans or for debt rescheduling by the IMF and the World Bank. The requested kind of adjustment aims at ensuring that the country can again service its external debt. Structural adjustment usually combines the following elements : devaluation of the national currency (in order to bring down the prices of exported goods and attract strong currencies), rise in interest rates (in order to attract international capital), reduction of public expenditure (’streamlining’ of public services staff, reduction of budgets devoted to education and the health sector, etc.), massive privatisations, reduction of public subsidies to some companies or products, freezing of salaries (to avoid inflation as a consequence of deflation). These SAPs have not only substantially contributed to higher and higher levels of indebtedness in the affected countries ; they have simultaneously led to higher prices (because of a high VAT rate and of the free market prices) and to a dramatic fall in the income of local populations (as a consequence of rising unemployment and of the dismantling of public services, among other factors).

IMF : http://www.worldbank.org/ policies, imposed debts, or the neoliberal orientation of these institutions. Regarding trade, BRICS+ members support the World Trade Organisation (WTO), which has been effectively paralysed since the US blockade initiated by Donald Trump in 2017. They underscore its legitimacy and aim to position it at the core of the global trading system, yet fail to address its detrimental effects on local economies, social rights or the environment.

In practice, China, supported by other members, is multiplying free trade agreements and promoting capitalist globalisation based on free trade, even as the former powers of the North are now turning towards protectionism. Thus, far from representing a counter-model, the BRICS+ countries present themselves as the new defenders of a globalised capitalist system in crisis, to the detriment of social movements and alternatives based on social justice, economic sovereignty and environmental protection.
By supporting the IMF, the World Bank and the WTO, they perpetuate globalised neoliberalism instead of presenting a viable alternative. This stance illustrates their intention to enhance their influence within these dominant institutions, all the while remaining aligned, with a destructive logic detrimental to both peoples and the planet.
Far from serving as a means of emancipation for the countries of the South, the BRICS+ seem to act as collaborators in managing a crisis-ridden capitalism that has steered the planet towards ecological disaster, an escalation in armed conflicts, and a significant deterioration of crimes against humanity crimes against humanity. In light of this, it falls upon social and anti-globalisation movements to persist in advocating for alternative proposals: protection of common goods Common goods In economics, common goods are characterized by being collectively owned, as opposed to either privately or publicly owned. In philosophy, the term denotes what is shared by the members of one community, whether a town or indeed all humanity, from a juridical, political or moral standpoint. , solidarity between peoples, economic sovereignty, ecological bifurcation — a decisive break with the current destructive model — and social justice.

The author would like to thank Omar Aziki, Sushovan Dhar, Jawad Moustakbal and Maxime Perriot for their review and inputs. The author is solely responsible for the opinions expressed in this text and any errors it may contain.