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India hosts first Meeting of BRICS FMs, Central Bank Governors

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman virtually chairs a Meeting of the BRICS Finance Ministers and Central Bank Governors, in New Delhi on April 06, 2021.

New Delhi: India hosted a Meeting of BRICS Finance Ministers and Central Bank Governors virtually today.

The meeting was jointly Chaired by Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman and Governor, Reserve Bank of India, Shaktikanta Das. Participants included Finance Ministers and Central Bank Governors of the BRICS countries.

As 2021 BRICS Chair, India’s approach is focused on strengthening intra-BRICS cooperation based on Continuity, Consolidation and Consensus.

This was the first meeting of the BRICS Finance Ministers and Central Bank Governors under India Chairship in 2021.

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 SMEs and Financial Inclusion, BRICS Rapid Information Security channel and BRICS Bond Fund.

On the BRICS priorities and agenda for 2021, Sitharaman informed that the efforts should be made towards delivering outcomes that reflects the needs and aspirations of BRICS in particular and emerging markets and developing economies in general.

The Finance Minister emphasised the importance of BRICS in responding to the COVID-19 crisis through policy support and enhancing international coordination.

She highlighted that world’s largest vaccine drive by India is under way. It’s notable that India has supplied 64.5 million vaccine doses to 84 countries.

She also emphasized on the importance of social infrastructure and use of digital technologies.

The Finance Minister talked about thematic priorities for New Development Bank for discussion during 2021 and the issues of membership expansion. She also called for greater coordination among BRICS member countries on the issues of 16th general review of Quotas of IMF. (PR)

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