BRICS will continue to work on creating democratic global financial system - Deputy Foreign Minister Ryabkov

MOSCOW, May 22. / TASS / BRICS will continue its work to create a democratic global financial system, and the BRICS Development Bank was an important step in this direction, told reporters Deputy Foreign Minister Sergei Ryabkov "BRICS Development Bank has significant prospects, which are due to the fact that we are much quicker and much more successfully going through the organizational phase of the insitutional development. Already there is talk about the practical aspects such as headquarters and other organizational moments," he said. But what's most important, the diplomat said, is that the BRICA countries are fully prepared to use the tools for solving issues in the infrastructure sphere. "From the standpoint of international economic community, the creation of the BRICS bank becomes a type of signal to the International Monetary Fund, World Bank, other elements of the Bretton Woods system, that it is necessary to change something, or there will be an alternative," Ryabkov said. He added that the BRICS countries have for a long time spoke firmly on the issue on IMF reform. "But it has been blocked, first and foremost in the US Senate," Ryabkov said. "I'm sure that in the coming months, especially at the Ufa summit, a very serious conversation on this issue will take place. Read more