"Russia calls on BRICS countries to devise an alternative to the International Monetary Fund (IMF)." This was stated by Russian Finance Minister Anton Siluanov at a seminar on improving the international monetary and financial system held within the framework of the BRICS Finance Ministers and Central Bank Governors Meeting.

According to reports, Siluanov said, "The existing financial system was formed over half a century ago and needs to be developed and modernized. We must create an alternative to the IMF... It would be best to consider a new face for international financial organizations within five years, so that there is an alternative." He emphasized that the role of the IMF and the World Bank has been greatly weakened and cannot meet the financial needs of developing countries. Therefore, it is necessary to establish similar new institutions, but within the framework of the BRICS countries.

According to Reuters, Moscow's initiative comes as Russia's financial system encounters Western sanctions following the outbreak of the Russo-Ukrainian conflict. The report stated that the BRICS countries have established a new development bank, the New Development Bank (NDB), aimed at providing funding for infrastructure and sustainable development projects in BRICS member countries and other emerging economies. In addition, the BRICS countries are also developing their own payment system, but progress in this area has been slow.

Jim O'Neill, former chairman of the Royal Institute of International Affairs in the UK and known as the "father of BRICS," said in an interview with Global Times reporters on the 11th that, to date, the BRICS New Development Bank has performed well. He looks forward to the leaders of the BRICS countries setting clearer goals and taking more measures to enable the BRICS New Development Bank to play a greater role in multilateral trade, addressing climate change, and responding to infectious disease challenges. However, he believes that in the short term, institutions such as the BRICS New Development Bank cannot replace the IMF or the World Bank.

Siluanov also said on the 9th that the new payment system developed by the BRICS countries will be based on new technologies to achieve faster, lower-cost, and externally undisturbed foreign trade transactions. The BRICS countries will continue to reduce the proportion of the US dollar in mutual settlements, switch to using their own currencies, and introduce digital currencies in the future. In this regard, O'Neill told the Global Times that today's dominant position of the US dollar in the world economy exceeds the appropriate range, and the euro, renminbi, and even the Indian rupee should play a more important role. He believes that the measures taken by countries at present are far from sufficient. BRICS countries and other countries and organizations, including the European Union, should take more practical actions to strengthen the use and influence of their own currencies.