BRICS countries pledge to deepen financial cooperation, boost macroeconomic policy

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Finance ministers and central bank governors from the BRICS countries (Brazil, Russia, India, China and South Africa) issued a joint statement Monday during a virtual conference pledging to increase financial collaboration and strengthen the coordination of macroeconomic policies. The summit urged the global community to expand partnerships, emphasizing that macroeconomic policy coordination is key to pulling the global economy out of crisis and building a strong, sustainable, balanced and inclusive post-pandemic economic recovery.

According to a Xinhua report, the conference, co-chaired by China’s central bank governor Yi Gang and finance minister Liu Kun, covered topics including strengthening the contingency reserve arrangement and transition financing cooperation , among others. Yi appreciated the joint efforts of BRICS countries to achieve significant progress in financial cooperation at the summit.

Financial cooperation of BRICS countries

He also reaffirmed the BRICS countries’ commitment to a strong and effective global financial safety net, with a quota-based and well-resourced IMF at its core, and called for the 16th General Review quotas are completed on time and successfully.

The summit also highlighted the importance of transition finance in promoting an orderly green and low-carbon transition, as well as the vital role of sustainable finance in the recovery of the global economy.

Also, under the BRICS China Chairmanship, Union Finance and Trade Affairs Minister Nirmala Sitharaman attended the 2nd Meeting of BRICS Finance Ministers and Central Bank Governors (FMCBG) online.

It is relevant to note that the joint declaration of BRICS finance ministers and central bank governors, infrastructure investments, the new development bank and the BRICS finance think tank were among the topics discussed, ANI reported.

The BRICS, according to Sitharaman, should continue to serve as a forum for debate and exchange of experiences, problems and ideas in order to create a sustainable and inclusive growth path. The Finance Minister further stated that India’s economic development will continue to be supported by fiscal spending as well as a surge in investment, giving the economy a boost based on the concept of macroeconomic growth complemented by comprehensive social protection at the micro level.

Apart from that, Dr. S. Jaishankar, Minister of External Affairs, attended the BRICS Foreign Ministers’ Conference/International Relations via video conference last month.

(Image: Twitter/@FinMinIndia)

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