The FINANCIAL — Major emerging economies are ready to provide financial help to the euro zone via the International Monetary Fund but in return want commitments to reform the IMF to be implemented, Russian Foreign Minister Sergei Lavrov said on Monday.
The so-called BRICS nations "are ready to take part in joint efforts, including the provision of credits, under those rules and channels that exist in the International Monetary Fund," Lavrov told a news briefing in Moscow.
Lavrov spoke before IMF Managing Director Christine Lagarde was due to meet President Dmitry Medvedev in Moscow for talks expected to focus on how cash-rich emerging economies can support Europe's struggle to contain its sovereign debt crisis.
His comments reinforced the joint position towards managing the euro-zone sovereign debt crisis taken by the BRICS — Brazil, Russia, India, China and South Africa — at last week's Group of 20 summit in Cannes, France.
They also reflected the aversion of Russia, holder of the world's third-largest foreign exchange reserves, to directly supporting the euro zone's common bailout fund, the European Financial Stability Facility.
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