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Colombia quits Brazil to join Mexico-led group at Fund

Monday, October 15, 2012

Colombia is leaving a group at the International Monetary Fund led by Brazil, whose quest for influence as a member of the Brics
group of emerging markets is alienating some of its smaller, Spanish-speaking neighbors.

Instead of Brazil’s nine-nation constituency on the Fund’s 24-member executive board, the Andean nation will join forces with a group led
by Mexico, Colombian central bank chief Jose Dario Uribe said.

Uribe, in an interview at Fund meetings, didn’t say whether the decision to switch chairs was motivated by any disagreement with Brazil.

Source: Bloomberg