Russia, currently holding the chairmanship of the BRICS group, has proposed the creation of an alternative to the International Monetary Fund (IMF). This move is aimed at countering political pressure from Western nations and establishing a financial system that better serves the interests of BRICS countries.
The BRICS group, initially composed of Brazil, Russia, India, and China, has expanded to include South Africa, Egypt, Ethiopia, Iran, the United Arab Emirates, and Saudi Arabia. Russian Finance Minister Anton Siluanov stressed the need for new institutions similar to the Bretton Woods framework, but within the BRICS context.
Source:
https://www.reuters.com/world/russia-calls-brics-partners-create-alternative-imf-2024-10-10/