Finance ministers from the expanded BRICS bloc issued a joint statement in Rio de Janeiro on Saturday calling for sweeping reforms at the International Monetary Fund, including a new distribution of voting rights and an end to Europe’s decades-long hold on the institution’s top job. The declaration represents the first time the group — now enlarged to 11 nations after last year’s expansion — has adopted a single position on IMF governance. The ministers said quota realignment should “reflect members’ relative positions in the global economy,” taking account of economic output and purchasing power, while preserving the shares of the poorest countries. They pledged to table the shared proposal at the IMF’s quinquennial quota review in December. Arguing that the post-World War II arrangement granting Europe the right to nominate the IMF managing director is outdated, the bloc urged a merit-based, regionally balanced selection process. The statement underscores the BRICS’ broader push for multilateral institutions to better represent emerging-market economies. The communiqué also confirmed talks on establishing a guarantee mechanism backed by the New Development Bank to lower borrowing costs and catalyse private investment in developing nations. The finance ministers’ meeting sets the stage for the BRICS leaders’ summit, also in Rio, where broader reforms of global economic governance will dominate the agenda.