The members of the BRICS group - Brazil, Russia, India, China and South Africa have decided at fourth meeting in New Delhi on Thursday to pressurise the European countries and the United States of America over the global economic imbalances and monetary policies.
The BRICS countries are expected to put the discussions at the summit into practice.
"We would look to see promises of reforms at multilateral institutions like the World Bank and IMF getting translated into action," Reuters quoted an Indian senior official as saying.
Meanwhile, Brazil's Trade and Industry Minister Fernando Pimentel said that his country hopes for a summit communique denouncing what it sees as unfair monetary policies by Europe and the U.S.
Stating that the biggest global monetary policy problems now are in the rich world, he said that today's problem doesn't have to do with China but has to do with the dollar and the euro.
It is also reported that the five nations are expected to announce steps during the summit to bring their economies closer, including linking their stock exchanges and plans for a joint development fund in the mold of the World Bank.
Accusing the rich countries of causing "monetary tsunami", Pimentel said that the policies are designed to stimulate the troubled U.S. and European economies by driving up their currencies and making their economies less competitive abroad.
DECLARATION at BRICS SUMMIT 2012
ON THE IMF
There is an urgent need to implement IMF quota reforms before the 2012 annual IMF/World bank meeting in October.
"This dynamic process of reform is necessary to ensure the legitimacy and effectiveness of the Fund."
"We stress that the ongoing effort to increase the lending capacity of the IMF will only be successful if there is confidence that the entire membership of the institution is truly committed to implement the 2010 Reform faithfully."
ON THE WORLD BANK
The World Bank's new leadership should transform it into a body that "truly reflects the vision of all its members".
BRICS nations welcome candidates for president of the World Bank from developing countries.
ON GLOBAL MARKETS
"It is critical for advanced economies to adopt responsible macroeconomic and financial policies, avoid creating excessive global liquidity and undertake structural reforms to lift growth that create jobs."
Excessive volatility in commodity prices poses additional risks to the recovery of the world economy.
(With Input from Reuters)