Finance ministers and central bank governors from BRICS countries have called for reform of the International Monetary Fund and the World Bank, seeking a stronger voice for emerging-market economies. The joint statement, issued late Thursday, comes days before India hosts the BRICS Leaders' Summit in New Delhi.
Finance ministers and central bank governors from BRICS countries have called for reform of global development institutions such as the International Monetary Fund and the World Bank, seeking a stronger voice for emerging-market economies. In a joint statement issued late Thursday, the finance chiefs said reform of global economic governance remains a consistent BRICS priority, pointing to the growing share of emerging and developing economies in global output and growth.
Statement calls for more accountable institutions
The finance chiefs said BRICS members will keep strengthening coordination on the issue. According to Reuters: "make international financial institutions more representative, transparent and accountable", the statement read, describing the bloc's aim for global governance reform.
Summit follows months of regional tension
The statement lands as India prepares to host the BRICS Leaders' Summit this weekend, with leaders from Russia, China and Iran due to attend. The New Delhi summit comes more than six months after the United States and Israel launched attacks on Iran, a BRICS member since 2024.
They said the rise in oil prices stemming from the conflict has added to pressure on emerging economies, which have also felt the effects of volatile trade tariffs imposed by the United States. They said they hold serious concerns over the unilateral imposition of trade and finance-related measures, including higher tariffs and non-tariff barriers, calling them inconsistent with World Trade Organisation rules.
Push for payment system interoperability
While acknowledging progress from the BRICS Payment Task Force, the finance chiefs pressed for greater interoperability of payment systems across member nations. They said the goal is cross-border payments that are fast, low-cost, more accessible, efficient, transparent and safe.
India will also push for progress on linking digital currencies across BRICS countries, according to two sources familiar with the discussions who spoke to Reuters earlier this week.
Source: Investing.com
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