INDIA HOSTS BRICS FINANCE MINISTERS, CENTRAL BANK GOVERNORS MEETING

India on Tuesday hosted the meeting of BRICS (Brazil, Russia, India, China, and South Africa) finance ministers and central bank governors virtually, officials said.

The meeting was jointly chaired by India’s finance minister Nirmala Sitharaman and governor of the central bank - Reserve Bank of India Shaktikanta Das, and participated by finance ministers and central bank governors of the BRICS countries.

“This was the first meeting of the BRICS finance ministers and central bank governors under India chairship in 2021,” a statement issued by the federal finance ministry said.

“BRICS finance ministers and central bank governors discussed financial cooperation agenda set by India for 2021 - Global Economic Outlook and Response to COVID-19 pandemic, New Development Bank (NDB) activities, social infrastructure financing and use of digital technologies, cooperation on customs related issues, IMF reforms, fintech for small and medium enterprises (SMEs) and financial inclusion, BRICS rapid information security channel and BRICS bond fund,” the statement said.

Sitharaman said efforts should be made towards delivering outcomes that reflect the needs and aspirations of BRICS in particular and emerging markets and developing economies in general.

“The finance minister emphasized the importance of BRICS in responding to the COVID-19 crisis through policy support and enhancing international coordination,” the ministry said.

BRICS is the acronym for an emergingmarket bloc that groups Brazil, Russia, India, China and South Africa.

About BRICS

BRICS is the acronym coined to associate five major emerging economies: Brazil, Russia, India, China, and South Africa.

The BRICS members are known for their significant influence on regional affairs. Since 2009, the governments of the

BRICS states have met annually at formal summits.