BRICS finance chiefs in Mumbai push quota reviews and reforms
BRICS finance chiefs just met in Mumbai, calling for big changes to global financial institutions so emerging economies get a real voice.
They want faster action on quota reviews that decide who gets more say, making sure the system isn't stuck in the past.
BRICS streamline cross-border local currency payments
The group also wants to make trading between their countries simpler by using local currencies and streamlining cross-border payments.
Their Payment Task Force is working on affordable, secure ways to do this, while the New Development Bank is being nudged to support sustainable projects, especially across the Global South.
BRICS advance guarantees, risk lab proposed
The BRICS Finance Ministers and Central Bank Governors welcome the progress made in advancing the BRICS Multilateral Guarantees initiative, which aims to lower financing costs and attract private investment.
Members expressed interest in taking forward discussions on India's proposal to host a BRICS Risk Lab, open to participation by interested members at GIFT City International Financial Services Centre in Gujarat, to help manage risks and strengthen financial teamwork among member nations.