Les cinq pays désignés sous l’acronyme de BRICS ont avancé dans la mise en place d’une alternative au FMI en signant hier à Moscou l’accord opérationnel qui crée ce Fonds. Ce Fonds réduira leur dépendance à l’égard des USA et du FMI en cas de baisse de la liquidité en dollars.

The five major emerging national economies, known by the acronym BRICS, were a step closer to setting up a $100 billion pool of mutual reserves by signing an “operational agreement” on a visit to Moscow, the Bank of Russia said Tuesday.

The pool would be drawn on by the central banks of Brazil, Russia, India, China and South Africa whenever they suffered a shortage of dollar liquidity, helping them maintain financial stability, Russia’s central bank said.

Financial stability has been Moscow’s sore point over the past year as the Russian economy has slipped into recession, while the country has lost access to global capital markets, due to Western sanctions, and has had to drain billions of dollars from its reserves.

The five central banks signed the agreement, which “outlines the terms of mutual support for member states in the framework of the agreement on BRICS Pool of Conventional Currency Reserves,” the Bank of Russia said.

Since 2013, BRICS states have been considering creating a fund, which would be an alternative to the International Monetary Fund, after seeing investors pull money away from emerging economies, devaluing their currencies.

China will contribute $41 billion to the currency pool. Brazil, India and Russia will each provide $18 billion, while the remaining $5 billion will come from South Africa.