BRICS has a stated aim to amplify the voice of the Global South. All five current members and dozens of other developing countries represented at the summit repeatedly called this week for a fairer world order and the reform of international institutions like the United Nations, the IMF and the World Bank.
Many in the developing world view those institutions as Western-led and unfair to them and a stream of leaders made speeches Thursday calling for change.
While that sentiment and challenging the current international order is useful for China and Russia’s geopolitical aims, U.N. Secretary-General António Guterres said in a speech to the BRICS summit that the calls for reform were valid.
He quoted figures that said, on average, African countries pay four times more for borrowing from international financial institutions than the United States and eight times more than the wealthiest European countries.