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Apr 20, 2012, 08.29 PM IST
CNBC-TV18 reports that Brazil has demanded the IMF (International Monetary Fund) grant a bigger role for emerging economies before it contributed funds to the organisation.
Brazilian finance minister Guido Mantega laid out the terms of the deal after a meeting with representatives of fellow BRICS nations, Russia, India, China and South Africa, on the sidelines of a G-20 meet.
IMF has been struggling with raising funds to handle the Eurozone debt crisis. It had recently revised its target for extra funds down to USD 400 billion.
So far, Europe and Japan have pledged USD 320 billion. Support from the BRICS is critical to strengthening the power of the IMF.
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