The document discusses reforming global governance institutions and the role that BRICS could play in transforming the current world order. It makes three key points: 1. The structures and compositions of institutions like the UN and IMF lag behind changing political realities, with BRICS challenging this by advocating for more representation of emerging economies. 2. The BRICS reform agenda of international financial institutions is limited and has not led to meaningful changes such as reducing the emphasis on austerity policies. 3. A major difference between South Africa and other BRICS countries is that SA relies more on commercial banking for development financing, whereas other BRICS have stronger state-led development policies and institutions.