BRICS countries vow to deepen financial cooperation

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BRICS countries vow to deepen financial cooperation
BRICS countries vow to deepen financial cooperation

Beijing [China]: The Finance Ministers and Central Bank Governors of BRICS countries issued a joint statement at a virtual meeting on Monday, reaching consensus on deepening financial cooperation and strengthening coordination on macroeconomic policy.

The meeting, co-chaired by China’s central bank governor Yi Gang and finance minister Liu Kun, discussed topics such as improving the Contingent Reserve Arrangement and the cooperation of transition finance and other areas, Xinhua reported. At the meeting, Yi spoke highly of the concerted efforts made by all BRICS countries in achieving positive progress in financial cooperation.

The meeting called upon the international community to foster partnerships, noting that it is imperative to strengthen macro-policy coordination in driving the world economy out of the crisis and shaping a strong, sustainable, balanced and inclusive post-pandemic economic recovery.

It also reiterated BRICS countries’ commitment to maintaining a strong and effective Global Financial Safety Net with a quota-based and adequately resourced IMF at its center, calling for the timely and successful completion of the 16th General Review of Quotas.

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

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman participated via virtual mode in the second BRICS Finance Ministers and Central Bank Governors (FMCBG) meeting under the BRICS China chairmanship.

Sitharaman observed that BRICS should continue to serve as a platform to engage in dialogues and facilitate exchange of experiences, concerns and ideas for rebuilding a sustainable and inclusive growth trajectory.

Speaking on India’s growth outlook, the Finance Minister shared that India’s economic growth will continue to be supported by fiscal spending along with an investment push, imparting momentum to the economy based on the idea of growth at macro level complemented by all inclusive welfare at micro level.

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