Contingent Reserve Arrangement
The BRICS Contingent Reserve Arrangement (CRA) is an initiative established by the BRICS countries—Brazil, Russia, India, China, and South Africa—to provide financial support and strengthen the global financial safety net during economic crises. It is a framework designed to provide liquidity through currency swaps, which can be particularly helpful in safeguarding against balance of payment and short-term liquidity pressures. Implemented as a response to the vulnerabilities exposed during the global financial crisis and as a step towards greater economic cooperation among emerging economies, the CRA reflects the growing influence of BRICS nations in the global economy.
The CRA has a total committed resource pool of $100 billion. The individual commitments from each country to this pool are as follows: China has committed $41 billion, Brazil, India, and Russia have each committed $18 billion, and South Africa has committed $5 billion. Importantly, the CRA allows member countries to access a portion of their contributions through a simple request procedure, providing quick financial support in times of need. This mechanism is particularly important for cushioning against external economic shocks and provides an additional layer of financial protection beyond what the International Monetary Fund (IMF) offers.
Scope and Importance
The establishment of the CRA is significant for several reasons. It demonstrates the BRICS countries’ commitment to strengthen cooperation among themselves and affirms their place as key players in the global financial architecture. It offers a sense of security and financial stability to member countries, as they can rely on an additional financial safety net that complements existing international institutions like the IMF. Moreover, it promotes mutual support and collaboration in dealing with economic crises, reducing the reliance on traditional Western-led financial resources and institutions.
As of the knowledge cutoff in 2023, the CRA has not been activated, but it remains an important mechanism that could be utilized should a member country face financial instability. The size of the reserve ($100 billion) is substantial, but not comparable to the resources of the IMF, highlighting the CRA’s role as a complementary institution rather than a substitute for the IMF or other existing international financial institutions.
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Sustainable Development Goals
The objective of this reserve is to provide protection against global liquidity pressures. This includes currency issues where members’ national currencies are being adversely affected by global financial pressures. The CRA is generally seen as a competitor to the International Monetary Fund (IMF) and along with the New Development Bank is viewed as an example of increasing South-South cooperation.
The capital of $100 billion is distributed as follows: The maximum access states can request from the Arrangement is half (China) to twice the amount of capital contributed.

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