--- title: "BRICS Contingent Reserve Arrangement (CRA) | Model Diplomat" description: "The BRICS Contingent Reserve Arrangement is a $100 billion currency-swap framework that offers liquidity support during financial crises for member nations." url: "https://modeldiplomat.com/learn/glossary/brics-contingent-reserve-arrangement" --- [New](https://modeldiplomat.com/) # Model Diplomat Research Team · Last reviewed June 22, 2026 TL;DR - The BRICS Contingent Reserve Arrangement is a US$100 billion currency-swap framework among Brazil, Russia, India, China and South Africa that provides liquidity support during balance-of-payments pressures. - How does the CRA differ from the New Development Bank? - Why does the CRA retain a link to the IMF? - How are contributions and access apportioned among members? - Has the CRA ever been activated? [Civil Service & Diplomatic Exams](https://modeldiplomat.com/learn/civil-services/glossary)Updated June 22, 2026 Go beyond the definition ## Research BRICS Contingent Reserve Arrangement like a delegate Model Diplomat's AI drafts position papers, speeches, and country research with real sources — built for MUN and politics students. ## Timeline 1. 15 July 2014 The BRICS Contingent Reserve Arrangement (CRA) is a US$100 billion financial safety net established by the Treaty for the Establishment of a BRICS Contingent… 2. 30 July 2015 The BRICS Contingent Reserve Arrangement (CRA) is a US$100 billion financial safety net established by the Treaty for the Establishment of a BRICS Contingent… 3. 1 January 2024 The BRICS expansion that added new members from raised, but did not resolve, the question of whether and how acceding states would join the reserve pool, wh… ## Positions at a glance ### Supporters The facility is divided into two instruments. The liquidity instrument provides support to a member confronting actual short-term balance-of-payments difficulties, while the precautionary instrument is available to a member facing the prospect of such difficulties. Drawings are structured as swaps of US dollars against the requesting member's own currency, repayable with interest over defined tenors. A critical design feature links larger drawings to external surveillance: a member may access without restriction only an "IMF-delinked portion" capped at 30 per cent of its maximum access, while the remaining 70 per cent—the "IMF-linked portion"—requires that the requesting state have an on-track arrangement with the International Monetary Fund involving the Fund's conditionality. This linkage was deliberate, designed to reassure that large drawings would be disciplined by Fund surveillance rather than extended unconditionally among partners. ### Opponents The BRICS Contingent Reserve Arrangement (CRA) is a US$100 billion financial safety net established by the Treaty for the Establishment of a BRICS Contingent Reserve Arrangement, signed at the sixth BRICS summit in Fortaleza, Brazil, on 15 July 2014, and entered into force on 30 July 2015 following ratification by all five member states. The arrangement was conceived as a self-managed pool of foreign-exchange reserves intended to forestall short-term balance-of-payments pressures and to insulate member economies from volatility in global capital flows—pressures made acute by the 2013 "taper tantrum" in which signalling by the United States Federal Reserve triggered capital outflows from emerging markets. Operating alongside the New Development Bank, which was launched by a separate agreement at the same Fortaleza summit, the CRA represents the monetary-stability pillar of the BRICS institutional architecture, conceived explicitly as a complement to—and a partial hedge against—the International Monetary Fund. ## Research it like a delegate Research on modeldiplomat.com ## Ask a follow-up about BRICS Contingent Reserve Arrangement Open a cited briefing in Model Diplomat search — timelines, positions, and sources you can use in committee or exam answers. [Start research on BRICS Contingent Reserve Arrangement](https://modeldiplomat.com/search?q=Explain%20BRICS%20Contingent%20Reserve%20Arrangement%20%E2%80%94%20key%20dates%2C%20actors%2C%20positions%2C%20and%20sources) Example At the Fortaleza summit on 15 July 2014, the leaders of Brazil, Russia, India, China and South Africa signed the treaty establishing the US$100 billion Contingent Reserve Arrangement, with China committing US$41 billion of the pool. Keep learning ## Go deeper than the definition [Explore all Civil Service & Diplomatic Exams lessons](https://modeldiplomat.com/learn/civil-services)[Test yourself with a quiz](https://modeldiplomat.com/learn/glossary/quiz/civil-services) ## Take BRICS Contingent Reserve Arrangement beyond the glossary Ask the AI research engine built for diplomacy — get briefings, position papers, and speeches with sources you can cite in committee.