BRICS Finance Chiefs Push for Deeper Financial Cooperation and IMF, World Bank Reforms

Source: Sanmarg | Original Published At: 2026-09-12 11:12:08 UTC

Key Points

• BRICS finance ministers and central bank governors issued a joint statement after meetings in Jaipur and Mumbai, reaffirming their commitment to deeper economic and financial cooperation.
• The statement said expanded BRICS membership has strengthened the group's diversity and representativeness, with 11 members representing about 49.5% of the world's population, 40% of global GDP, and 26% of global trade.
• BRICS officials expressed serious concerns over unilateral tariffs and non-tariff measures, saying they distort trade and are inconsistent with World Trade Organization rules.
• The group reiterated calls for urgent reform of the IMF and World Bank to make them more representative, inclusive, and reflective of the growing weight of emerging markets and developing economies.
• BRICS backed a stronger role for the New Development Bank in development and infrastructure financing and welcomed progress on a BRICS Multilateral Guarantees initiative aimed at mobilizing private capital and reducing financing costs.
• Central banks advanced work on the BRICS Contingent Reserve Arrangement, with planned treaty amendments to make it more flexible and responsive during crises.
• The finance track also covered insurance, pensions, settlement infrastructure, cybersecurity, emerging technologies, and India's proposed voluntary BRICS Risk Lab at GIFT City.