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The leaders of the BRICS (Brazil, Russia, India, China and South Africa)group of influential emerging economies have agreed to create a US$ 100 billion pool of currency reserves to serve as a buffer against financial shocks.
South Africa, being the smallest of the five economies, will contribute $5-billion (R51-billion) to the contingency reserve arrangement, as it is known, which will help BRICS member countries to fund current account deficits, among other things.
China will contribute the lion's share of the fund - $41 billion - while Brazil, Russia and India will each contribute $18 billion.
The five BRICS leaders, including South African President Jacob Zuma, met briefly in St Petersburg, Russia on Thursday on the sidelines of the G20 summit, saying in a statement after their meeting that they had noted "the continued slow pace of the recovery, high unemployment in some countries, and ongoing challenges and vulnerabilities in the global economy, particularly in advanced economies".