The spokeswoman wrote this Friday on her Telegram channel that it is pretentious that the G7, which accounted for only 30 percent of the world’s Gross Domestic Product (GDP) in 2023, intends to set the standards for everyone just as the insolvency of the international monetary and financial system currently prevails.

Zakharova recalled that the participation of the BRICS member countries in the world GDP has reached 36 percent, while, globally, many states are thriving in the world’s economy. “So why do the G7 countries behave so rudely within the framework of the Bretton Woods institutions?” the spokeswoman questioned.

The Russian authority noted that since 2022, the main flow of resources from the International Monetary Fund (IMF) and the World Bank “has been redirected to support the government of Ukraine” but the states that need it, the countries of the global South, cannot receive the necessary financial aid. Under these conditions, she said, there is, and cannot be, an alternative for reforming completely the international financial architecture and its key institutions.

“The agenda of the IMF and the World Bank must fully comply with their financial and economic profile and global development interests,” the diplomat emphasized.

Moscow proceeds from the fact that “the international monetary and financial system must be non-discriminatory, equally accessible and fair,” Zakharova said.

“We consider it necessary to consolidate the efforts of the world majority in the context of the reform of the financial architecture, the formation of a multipolar world, based not on unknown rules dictated by the West, but on international law, taking into account the interests of each one,” the spokeswoman said. “We are promoting them with our partners in the BRICS, the Shanghai Cooperation Organization, the Eurasian Economic Union, and other formats,” she concluded.

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