With world economies reeling under the impact of the ongoing Coronavirus pandemic, Finance Minister Nirmala Sitharaman on Thursday while interacting with her BRICS nation counterparts, said that in order to maintain fiscal stability and facilitate recovery of economies of member nations, intra-BRICS cooperation would be crucial.
Virtually presiding over the second meeting of the BRICS finance ministers and central bank governors (FMCBGs), Ms Sitharaman discussed the key areas of cooperation among BRICS nations, which would help implement the goal of economic recovery.
Mutual understanding among member nations, the Finance Minister said, would be crucial in supporting the recovery of BRICS economies and maintaining macroeconomic stability, while protecting against future uncertainties and risks.
She also reiterated the fact that the group will continue to play an important role in dealing with pandemic-induced crisis.
During the meeting, the FMCBGs endorsed the BRICS finance ministers and central bank governors statement on global economic outlook and responding to Coronavirus crisis, with an annexure on snapshot of policy experiences of BRICS in dealing with the economic impact of the pandemic.
Thursday’s meeting is scheduled ahead of the BRICS Leaders’ Summit 2021 to discuss and finalise key outcomes of BRICS finance agenda this year. Finance ministers and central bank Governors of Brazil, Russia, China and South Africa attended the gathering.