BRICS finance ministers call for IMF, World Bank reforms to strengthen emerging economies
- BRICS finance chiefs have called for reforms to the International Monetary Fund and World Bank to give emerging economies a stronger voice.
- They want global financial institutions to become more representative, transparent and accountable as developing economies gain a larger share of global growth.
- BRICS is also pushing for interoperable payment systems and greater use of local currencies to reduce dependence on the US dollar.
- India has urged BRICS members to link payment systems, while Russia is working with the Reserve Bank of India on digital-currency trade settlements.
Source: telegraphindia.com
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