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Brazil,China : IMF welcomes new BRICS fund, keen to work with it

July 18, 2014

The International Monetary Fund (IMF) has congratulated the five BRICS countries for establishment of a reserves fund and has also announced its interest to work with it.

IMF managing director Christine Lagarde said in a message to President Dilma Rousseff of Brazil, I would like to congratulate you on hosting a successful meeting of the BRICS leaders in Fortaleza, Brazil, and especially on establishing the Contingent Reserve Arrangement.

Lagarde added, IMF staff would be delighted to work with the BRICS team dedicated to this project with a view to reinforcing the cooperation among all parts of the international safety net intended to preserve financial stability in the world.

During Fortaleza summit in Brazil, leaders of the five countries signed a memorandum to set up the Contingent Reserve Arrangement (CRA) -- a $100 billion contingency fund, which members will be able to draw during financial emergencies when their foreign exchange reserves become dangerously depleted.

The IMF enjoys very strong relationship with all the BRICS nations, which are key members of this institution, said Legarde, adding that, We look forward to further strengthening our collaboration.

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Source: TendersInfo (India)

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