The BRICS group of emerging market economies has long sought greater sway in global finance and at the International Monetary Fund (IMF), which is currently dominated by advanced economies.

Now the group, which accounts for 43% of the world’s population, is considering plans to set up a new bank that will reduce its dependence on the IMF and the World Bank, reports Bloomberg.

The focus of the fifth edition of BRICS summit in Durban – attended by leaders, finance ministers and central bank governors from Brazil, Russia, India, China and South Africa – has been the agreement to form a $100 billion currency crisis fund to stave off payments issues.

Also read:

Avoid dependent economies during downturns

MSCI vs. FTSE: They’re not the same index

Emerging market debt feeds on risk appetite

India pushes for growth