BRICS Push for Financial Reform at Landmark Summit

BRICS finance ministers and central bank governors are advocating for reforms in global financial institutions like the IMF and World Bank to enhance the representation of emerging markets. Ahead of the BRICS Leaders' Summit in New Delhi, they emphasized the need for transparent, accountable financial systems and cooperation in digital currencies.

BRICS finance ministers and central bank governors have called for sweeping reforms in global financial institutions, such as the International Monetary Fund and World Bank, to amplify the voice of emerging market economies. In a joint statement, they underscored the urgency of reforming global economic governance, given the increasing influence of these markets in worldwide output and growth.

The statement was made ahead of the BRICS Leaders' Summit in New Delhi, where leaders from Russia, China, and Iran are expected to be present. This comes amid rising geopolitical tensions and economic challenges, exacerbated by the surge in oil prices following conflicts involving BRICS members.

The finance chiefs also addressed concerns related to unilateral trade and finance measures, calling for adherence to World Trade Organisation rules. They advocated for advancements in interoperable payment systems and the integration of digital currencies across BRICS nations, aiming to enhance financial cooperation and efficiency.