"The international financial crisis has exposed the inadequacies and deficiencies of the existing international monetary and financial system," says a declaration issued Thursday after a summit of BRICS nations.

The summit was chaired by Chinese President Hu Jintao and attended by Brazilian President Dilma Rousseff, Russian President Dmitry Medvedev, Indian Prime Minister Manmohan Singh and South African President Jacob Zuma.

The management structure of the international financial institutions should reflect changes in the world economy and increase the voice and representation of emerging economies as well as developing nations, reads the Sanya Declaration.

"We welcome the current discussion about the role of the SDR (special drawing rights) in the existing international monetary system including the composition of SDR's basket of currencies," it says.

The five countries urged efforts to intensify international financial supervision and reform while enhancing policy coordination as well as financial regulation and supervision cooperation to promote the sound development of global financial markets and banking systems.

Meanwhile, the countries called for more attention to the risks of massive cross-border capital flows faced by the emerging economies.

They noted that current global economic recovery was still haunted by many uncertainties and major economies should coordinate their macroeconomic policies in order to push for a robust, sustainable and balanced growth in the world economy.