BRICS finance chiefs are seeking a stronger voice for emerging economies through IMF and World Bank reforms while expanding NDB financing and financial cooperation.

BRICS Summit |

New Delhi: BRICS finance ministers and central bank governors have called for deeper financial cooperation and sweeping reforms at the International Monetary Fund (IMF) and World Bank, seeking greater representation for emerging and developing economies.

In a joint statement following meetings in Jaipur and Mumbai, the finance chiefs said the expanded BRICS membership had strengthened the grouping's diversity and global economic influence.

BRICS Seeks IMF, World Bank Reforms

Under India's 2026 chairship, BRICS financial cooperation is expanding across payments, infrastructure financing, taxation, customs and financial stability.

The grouping represents nearly half of the global population, around 40% of world GDP and 26% of international trade, according to official data.

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BRICS said the governance structure of the Bretton Woods institutions should better reflect changes in the global economy and give emerging markets a stronger voice.

It backed IMF quota increases agreed under the 16th General Review of Quotas and sought meaningful realignment under the 17th review.

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The grouping also sees the World Bank's shareholding review as an opportunity to address the historical underrepresentation of developing economies.

Global Risks Raise Concerns

BRICS finance chiefs warned of growing threats from geopolitical tensions, trade fragmentation, protectionism, inflation, rising debt and financial vulnerabilities.

They also raised concerns over unilateral tariffs and non-tariff measures, arguing that such restrictions could distort global trade.

Bigger Role for New Development Bank

The ministers backed an expanded role for the New Development Bank (NDB) in financing infrastructure and development projects across BRICS and the Global South.

The NDB was encouraged to expand local-currency financing, diversify funding sources and mobilise more resources.

BRICS also supported progress on a Multilateral Guarantees initiative designed to attract private capital and reduce project financing costs.

Meanwhile, central banks are strengthening the BRICS Contingent Reserve Arrangement, a liquidity safety net for members facing financial pressure.

Cooperation is also widening into insurance, pensions, cybersecurity and settlement infrastructure, including India's proposed voluntary BRICS Risk Lab at GIFT City.

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