BRICS Summit Adopts Resolutions on Multilateralism and African Debt Reform

The expanded BRICS grouping — which now includes six African nations following the 2024 enlargement — has adopted a package of resolutions at its annual summit calling for the most significant overhaul of the global financial architecture since the Bretton Woods institutions were founded.

Central to the African delegation's push was a resolution on sovereign debt restructuring, which calls on the IMF and World Bank to create a binding debt relief mechanism that allows low-income countries to restructure external debts without triggering credit rating downgrades that make future borrowing more expensive. Kenya, which pays some of the highest borrowing rates of any middle-income country, has been among the most vocal advocates for this change.

President Ruto, who was part of the African delegation, used his plenary address to recycle a theme he has made his calling card on the global stage: "African nations did not cause the climate crisis. We did not cause the inflation that drove up our import bills. But we are paying for all of it with interest rates that punish our children before they are born."

The summit also endorsed resolutions on conflict resolution — with specific reference to Sudan and the DRC — and on the use of local currencies in intra-BRICS trade, a proposal that has gained more traction as dollar dominance has become politically contentious across the developing world.

The United States and European Union issued a joint statement expressing concern about the multilateral financial reform proposals, describing some provisions as "undermining the rules-based international order." Analysts in Nairobi noted that the response illustrated exactly why many African leaders see BRICS as a necessary counterweight to Western financial institutions.