BRICS countries agree to deepen financial cooperation

BRICS countries including Brazil, Russia, India, China and South Africa have reached consensus on deepening financial cooperation and strengthening macroeconomic policy coordination, it was reported on Tuesday. official media.

A virtual meeting of finance ministers and central bank governors from the five-member bloc was held on Monday, co-chaired by China’s central bank governor Yi Gang and finance minister Liu Kun.

The meeting discussed topics such as improving the contingency reserve arrangement and cooperation in financing transition and other areas.

Finance Minister Nirmala Sitharaman, who attended the meeting virtually, said India’s growth will be driven by fiscal spending.

Sitharaman said the BRICS should continue to serve as a platform to engage in dialogues and facilitate the exchange of experiences, concerns and ideas to rebuild a sustainable and inclusive growth trajectory.

Speaking on India’s growth outlook, she said economic growth will continue to be supported by fiscal spending as well as a surge in investment, giving impetus to the idea-based economy. of macro-level growth complemented by comprehensive micro-level social protection, the Ministry of Finance said in a press release on Monday.

BRICS finance ministers and central bank governors issued a joint statement during the virtual meeting, reaching consensus on deepening financial cooperation and strengthening macroeconomic policy coordination.

China chairs the BRICS this year and is expected to host the five-member bloc’s annual summit in the coming weeks.

At the meeting, Yi praised the concerted efforts made by all BRICS countries to achieve positive progress in financial cooperation, the official Xinhua News Agency reported.

The meeting called on the international community to foster partnerships, noting that it is imperative to strengthen macroeconomic policy coordination to pull the global economy out of the crisis and shape a strong, sustainable, balanced and inclusive post-pandemic economic recovery.

He also reiterated the BRICS countries’ commitment to maintaining a strong and effective global financial safety net with a quota-based and adequately resourced International Monetary Fund (IMF) at its core, calling for the speedy and successful completion of the 16th general review of quotas.

The meeting also recognized the crucial role of sustainable finance in global economic recovery as well as the importance of transition finance in facilitating an orderly green and low-carbon transition, according to the report.

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