Pezeshkian: BRICS members mull creation of alternative to IMF

Iran’s President Masoud Pezeshkian said members of the BRICS group of emerging economies discussed the establishment of a new fund in the face of the International Monetary Fund to counter US unilateral actions.

Pezeshkian made the remarks upon his return to Tehran from the 16th BRICS Summit in Russian city of Kazan, where he said “security, economic, and social issues” were central to discussions.
“BRICS seeks to counter US unilateralism tied to the dollar, as it imposes sanctions at will, exacerbating global economic challenges,” he said, adding that a decision was made to establish a new fund in the face of the International Monetary Fund to counter US unilateral actions, aiming to neutralize sanctions policies and bolster financial security in member nations’ monetary exchanges.
The Iranian president said that the enactment of BRICS 2024 decisions will “gradually thwart the conspiracy of the US and its allies.”
He also referenced the summit’s 32-page final declaration, which covered a range of significant issues, including the Israeli crimes in Gaza.
“The final statement was notably strong, condemning the killings and atrocities committed by Israel in Gaza and Lebanon,” Pezeshkian stated.
The declaration, he continued, “underscored the need for member countries to strengthen financial, economic, cultural, scientific, and security cooperation.”
“I believe that if we can implement the goals of this organization and the discussions and agreements made at this meeting, the conspiracy by the United States and its allies will gradually be neutralized,” he stressed.
The Kazan Declaration, themed “Strengthening Multilateralism for Just Global Development and Security,” emphasized BRICS solidarity and strategic partnerships, with leaders committing to fostering peace, a fairer international order, and sustainable development.
Pezeshkian described the Islamic Republic’s participation as “an excellent opportunity for bilateral talks with various countries.” He also quoted UAE President Sheikh Mohammed bin Zayed Al Nahyan, who expressed a desire to visit Iran, highlighting the importance of resolving bilateral issues independently and avoiding external interference.
Pezeshkian and Sheikh Al Nahyan met for the first time on Wednesday on the summit’s sidelines.
He also highlighted his meeting with Chinese President Xi Jinping, noting that both sides agreed to move forward with the implementation of Tehran-Beijing agreements and emphasized strengthening bilateral ties.
The meeting, held on the sidelines of the summit, marked Pezeshkian’s first face-to-face talks with Xi since taking office.
Pezeshkian arrived in Kazan on Tuesday night to attend the summit following an official invitation from Russian President Vladimir Putin.
During the 16th BRICS Summit, the Iranian president held discussions with the presidents of Russia, China, Egypt, South Africa, Belarus, Venezuela, Bolivia, and the UAE, as well as with the prime ministers of India and Ethiopia.
Iran officially joined BRICS at the beginning of 2024, five months after being accepted as a full member alongside Argentina, Egypt, Ethiopia, the UAE, and Saudi Arabia.
Originally formed by Brazil, Russia, India, China, and South Africa, BRICS represents approximately 40% of the global population and a quarter of the world’s GDP.