In a joint statement adopted by consensus on the eve of the summit, the finance chiefs of the 11 countries asked for strengthening global southern cooperation and a fairer and more equitable development model
The meeting of the Ministers of Finance and Presidents of Central Banks of the ended this Saturday with an “urgent” appeal to reform the and the World Bank (BM), and to make progress in climate financing. In a joint statement adopted by consensus on the eve of the group’s leaders’ summit, the finance chiefs of the 11 BRICS countries called for the strengthening of Global South cooperation and a fairer and more equitable development model.
They have noted that although group countries respond for almost half of the world’s population, 40% of the global Gross Domestic Product (GDP) and a quarter of worldwide trade and investments, “you have to do more” to ensure that the benefits of globalization are distributed more equitably. The ministers also recognized the “challenges” imposed by the climate crisis, which has caused damage, such as recent floods in the American state of Texas, which has left more than 30 dead.
They explicitly asked that the private sector and advanced economies provide “substantial” financing for climate action, especially in developing countries. “Predictable and affordable climate financing is indispensable for fair transitions,” says the statement.
One of the priority themes of the meeting was the “urgent” need to reform Bretton Woods institutions, especially IMF and BM, to reflect the transformation of the global economy and the growing influence of developing countries. “The voice and representation of emerging and developing Countries in the IMF and the World Bank should reflect their growing weight in the world economy,” they demanded.
At the meeting, the ministers also confirmed their support for the signing of a United Nations Tax Convention, highlighting the importance of establishing a more “inclusive” global tax system that “ensures that super rich pay their fair part”. This agreement seeks to address global tax disparities and promote cooperation between countries to combat fiscal dropout and illicit financial flows, promoting greater equity in the distribution of resources globally.
Finance ministers also highlighted the role of BRICS’s New Development Bank (NDB) in stimulating sustainable development resources and development projects, helping to reduce inequalities. The BRICS group was initially formed by Brazil, Russia, India, China and South Africa and, since last year, has six new full members: Egypt, Iran, Arab Emirates, Ethiopia, Saudi Arabia and Indonesia, and recently announced the incorporation of Colombia and Uzbekistan.
*With information from EFE
