BRICS calls for reform of global financing institutions and strengthening influence of emerging markets

Source: جريدة المال | Original Published At: 2026-09-11 14:41:05 UTC

Key Points

• BRICS finance ministers and central bank governors called for reform of global development finance institutions, including the IMF and the World Bank, to give emerging markets a stronger voice in the global financial and economic system.
• In a joint statement, they said reforming global economic governance remains a constant priority for BRICS and pledged deeper coordination among member states.
• The statement expressed serious concerns about unilateral trade and finance measures, including US tariffs and non-tariff measures, saying they distort trade and are inconsistent with WTO rules.
• Officials noted that rising oil prices linked to conflict and fluctuations in US tariffs are increasing pressure on emerging-market economies.
• BRICS finance officials praised the work of the group's payments task force and called for progress on interoperability and practical cross-border payment solutions among member states.
• India is expected to push progress on linking digital currencies across BRICS, according to sources cited by Reuters.