BRICS finance chiefs push for deeper financial cooperation; IMF, World Bank reforms

NEW DELHI: (Sep 12) BRICS finance ministers and central bank governors stepped up calls for a bigger voice for emerging economies in global financial institutions as the expanded grouping seeks to build greater economic resilience amid trade fragmentation and geopolitical tensions.

In a joint statement issued after meetings in Jaipur in August and Mumbai on September 10, the ministers and central bank governors said the expanded BRICS membership had strengthened the group’s diversity and representativeness and reaffirmed their commitment to closer economic and financial cooperation.

The statement comes as BRICS, under India’s 2026 chairship, seeks to translate its growing economic weight into more practical cooperation across payments, development finance, infrastructure, taxation, customs and financial stability.