BRICS Finance Chiefs Call for Reform of Global Financial Institutions
Finance ministers and central bank governors from BRICS countries have called for reforms to global financial institutions such as the International Monetary Fund and World Bank. They said emerging and developing economies should have a stronger voice in global economic decision-making as their contribution to global growth continues to rise.
The finance chiefs also criticised unilateral trade and financial measures, including tariffs and non-tariff barriers, saying they can distort global trade and conflict with World Trade Organization rules. Their statement comes as emerging economies face pressure from higher oil prices and trade uncertainties linked to the ongoing conflict involving Iran.
BRICS finance leaders also urged greater cooperation on cross-border payments, calling for systems that are faster, cheaper, more accessible, efficient and secure. India is expected to push discussions on linking digital currencies across BRICS nations as the country hosts the BRICS Leaders’ Summit in New Delhi.
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