Brazilian president supports more countries in BRICS

Brazilian President Luiz Inácio Lula da Silva said Wednesday that he supports more countries joining the BRICS group of large developing nations, which currently includes Brazil, Russia, India, China, and South Africa.

Lula's comments came hours after it was reported that Brazil had resisted expanding the group's membership because some Brazilian diplomats voiced concern that adding more nations could lessen the influence of existing members.

“We are going to discuss the entry of new countries (to Brazil, Russia, India, China and South Africa bloc), and I am of the opinion that as many countries want to enter, if they are in compliance with the rules we are establishing, we will accept the countries' entrance," explained President Lula.

Since taking office, President Lula has repeatedly bucked the existing dominating international structure.

He went on to hail the prospects of the Chinese-backed New Development Bank, commonly known as the BRICS bank, which is currently funding infrastructure projects in Brazil.

“I think the BRICS bank needs to be more effective and more generous than the IMF. That is, the bank is there to help save countries and not to help sink countries, which the IMF often does,” he added.

The group will hold a summit in Johannesburg in August with an in-hand list of others desiring to join the group, all BRICS members are interested in trying to accept other countries, but parameters still need to be discussed.