BRICS countries vow to deepen financial cooperation

The headquarters building of BRICS New Development Bank in east China’s Shanghai

INTERNATIONAL DESK: 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.

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. (Xinhua)