Speaking at the 18th BRICS summit in New Delhi, Russian President Vladimir Putin highlighted the ineffectiveness of global financial structures and called for reforms to the International Monetary Fund (IMF), the World Bank, and the World Trade Organization (WTO). He emphasized that these institutions were built upon the political and economic realities of the past and must now align themselves with new global conditions.
Publish dateSaturday 12 September 2026 - 19:24
Story Code : 365190
Afghan Voice Agency (AVA) – International Service: In his address at the summit, Putin noted that three key global institutions the IMF, the World Bank, and the WTO were established based on the political and economic realities of a bygone era. He stated that as commercial activity shifts toward developing markets, these institutions must adapt to the new landscape and undertake a serious review of their structures and operations.
The Russian President also underscored the need to establish new institutions and regulations for cutting-edge and transformative sectors. He identified the platform economy, financial technologies (fintech), and digital trade as areas requiring entirely new legal and institutional frameworks, noting that current structures are inadequate to keep pace with the rapid changes occurring in these sectors.
Concluding his remarks, Putin emphasized that the BRICS group is prepared to play a decisive role in shaping the future of the global economy. These statements come as BRICS member nations have sought in recent years to increase their share in the international financial and trade systems and reduce their reliance on Western-dominated institutions.
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