President Dilma Rousseff said on Thursday (Jul 17) that Brazil will not give up its rights in the International Monetary Fund (IMF). She once again called for changes in the institution's quota system and a more substantial participation of emerging countries in the fund's decision making. Rousseff also stated that the creation of the New Development Bank and the Contingent Reserve Arrangement does not pose a threat to the IMF.

“We're quota-holders and we want a change in the distribution of quotas. We want the IMF, as an institution in the financial system, to reflect the interactions among forces in international economy. We, the emerging countries, occupying the position we do in the economy, should have the same representation. Having less representation is not a possibility,” she noted.

Rousseff spoke when asked about her view on the reaction of IMF managing director to the creation of the BRICS Development Bank and the emergency fund for member countries: Brazil, Russia, India, China and South Africa. In a letter to the Brazilian president, Christine Lagarde said that the IMF team will be “delighted to work” with BRICS, with a view to reinforcing the cooperation among all parts of the international safety net intended to preserve financial stability in the world.”

“I said that our Contingent Reserve Arrangement and our BRICS Development Bank were not against anyone and that we would not give up the right we have with the IMF, because there's no reason why we should.” The president went on to say that the BRICS are also interested in working with the IMF, and added that it is still too early to discuss how this cooperation could be put into effect.