Archive · 12 Sep 2026
BRICS Chiefs Seek Financial Reform and Stronger Cross-Border Ties
BRICS finance officials want emerging and developing countries to have more influence in the IMF and World Bank.
They say these institutions should better match how the world economy has changed.
They asked for more voting power and leadership representation for these countries.
The officials also criticized tariffs and other trade restrictions.
They said such measures can hurt developing economies the most.
They warned that conflicts, trade problems, debt, inflation and uncertainty could weaken the global economy.
BRICS wants its development bank to help fund more infrastructure projects.
The group is also studying ways to make payments between member countries faster and cheaper.
It has not agreed to create one shared BRICS currency or a single payment system.
BRICS finance ministers and central bank governors called for greater representation of emerging and developing economies in the IMF and World Bank.
They urged implementation of IMF quota increases agreed under the 16th review and meaningful quota realignment under the 17th review.
The officials criticized unilateral tariffs and non-tariff measures, saying they distort trade and disproportionately affect developing economies.
They cited geopolitical tensions, trade fragmentation, protectionism, debt, inflation and financial vulnerabilities as risks to global growth.
BRICS supported faster, cheaper and more interoperable cross-border payments, including local currencies and potentially central bank-backed digital currencies, but no common currency or unified payment system.
- Who
- BRICS finance ministers and central bank governors.
- What
- They called for IMF and World Bank reforms, criticized tariffs and trade barriers, discussed cross-border payments, and backed expanded development financing.
- When
- The statement was issued late Thursday and reiterated on Friday; the articles do not provide calendar dates.
- Where
- The finance meetings took place in Jaipur and Mumbai, while India is hosting the BRICS Leaders’ Summit in New Delhi.
- Why
- BRICS officials said global financial institutions should reflect the growing role of emerging economies and that unilateral trade measures harm commerce and developing countries.
- Institutions targeted
- International Monetary Fund and World Bank
- IMF quota proposals
- Implement increases agreed under the 16th General Review of Quotas and develop meaningful realignment under the 17th review
- Governance proposals
- Greater voting shares, regional diversity, and merit-based, inclusive and transparent leadership selection
- Trade concerns
- Unilateral tariffs and non-tariff measures that BRICS said distort trade and conflict with World Trade Organization rules
- Development financing
- The New Development Bank was urged to expand infrastructure lending, local-currency financing and resource mobilization
- Payment cooperation
- Members are examining interoperability among payment and messaging systems to make cross-border transactions faster, cheaper and safer
- Currency position
- BRICS did not announce a common currency or unified payment system; discussions include local currencies and central bank-backed digital currencies
