BRICS finance chiefs urge reform of global development financial institutions

Source: Reuters | Original Published At: 2026-09-11 11:27:03 UTC

Key Points

• BRICS finance ministers and central bank governors issued a joint statement calling for reform of global development financial institutions, including the International Monetary Fund and the World Bank.
• The statement said reform of global economic governance remains a consistent BRICS priority as emerging markets and developing economies increase their share of global output and growth.
• BRICS finance chiefs said they will strengthen coordination among members to make international financial institutions more representative, transparent and accountable.
• The statement expressed serious concerns about unilateral trade and finance-related actions, including tariffs and non-tariff measures, describing them as distortive and inconsistent with World Trade Organisation rules.
• BRICS finance chiefs encouraged the BRICS Payment Task Force to advance interoperability and practical solutions for faster, lower-cost, more accessible, efficient, transparent and safe cross-border payments among member countries.
• The article notes that India will host the BRICS Leaders' Summit, with leaders from Russia, China and Iran due to attend, and that India will push for progress on linking digital currencies across BRICS countries.