September 5, 2013 / 1:09 PM / in 4 years

BRICS urge G20 efforts to boost global recovery

ST. PETERSBURG, Russia, Sept 5 (Reuters) - The BRICS group of emerging economies called on Thursday on the Group of 20 to boost global demand and ensure that any changes in monetary policy are well flagged to minimise any disruptive “spillovers” that may result.

“The eventual normalisation of monetary policies needs to be effectively and carefully calibrated and clearly communicated,” the BRICS - Brazil, Russia, India, China and South Africa - said after their leaders met in St Petersburg, Russia.

The statement reflects concerns among developing nations over the prospect that the U.S. Federal Reserve will scale back its ultra-loose monetary policy, and a view that Europe is not doing enough to promote a demand-driven recovery.

The BRICS also agreed to contribute $100 billion to a joint currency reserve pool. China will commit $41 billion; Brazil, India and Russia $18 billion each; and South Africa $5 billion.

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