Contingent Reserve Arrangement is BRICS states’ "wallet" - Russia’s Deputy Finance Minister

MOSCOW, July 7. /TASS/. The Contingent Reserve Arrangement (CRA) of BRICS is the "wallet" for the member-states and this is its main difference from the International Monetary Fund (IMF), which is an international organization, Deputy Finance Minister Sergey Storchak said on Tuesday. "Comparing CRA with the IMF is absolutely inappropriate. They have nothing in common except for some references to the names. The IMF is an international organization and CRA is the "wallet", whose funds can be spent only under certain circumstances," - Storchak said. On Tuesday, the chiefs of the Central banks of BRICS countries are expected to sign an agreement on the Contingent Reserve Arrangement. On July 15, 2014, the BRICS countries /Brazil, Russia, India, China, South Africa/ agreed to establish a self-managed contingent reserve arrangement to forestall short-term balance of payments pressures, provide mutual support and further strengthen financial stability. The initial committed resources of the CRA total $100 billion with individual commitments as follows: China - $41 bln, Brazil - $18 bln, Russia - $18 bln, India - $18 bln, South Africa -$5 bln. Read more