Managing Director of the International Monetary Fund (IMF) Christine Lagarde, congratulated President Dilma Rousseff for the gathering of BRICS leaders held in Fortaleza and the creation of the Contingent Reserve Arrangement, which comes as a complement to the global network of financial protection.

In her letter to the Brazilian president, Christine Lagarde said that the “IMF staff would be delighted to work with the BRICS team dedicated to this project with a view to reinforcing the cooperation among all parts of the international safety net intended to preserve financial stability in the world.”

The IMF director went on to reiterate that the institution maintains solid relations with all BRICS nations: Brazil, Russia, India, China and South Africa. "We look forward to further strengthening our collaboration.", she added.

On Tuesday, (Jul 15) Rousseff announced, during the meeting with the leaders, the creation of the BRICS Development Bank, with a start-up capital of $50 billion, and the Contingent Reserve Arrangement, with $100 billion—a fund aimed at helping countries allied with the institution in case of emergency. China is to contribute with $41 billion, and Brazil, India and Russia with 18 billion each. South Africa’s share in raising the fund, in turn, amounts to $5 billion.