BRICS Finance Chiefs Push for IMF, World Bank Reform Ahead of Delhi Summit

Finance ministers and central bank governors from the BRICS grouping have renewed their call for reform of global development financial institutions, including the International Monetary Fund and the World Bank, arguing that emerging market economies deserve a stronger voice in global economic governance.

In a joint statement issued late on Thursday, the finance chiefs said the growing share of emerging market and developing economies in global output and growth made reform of global economic governance a consistent BRICS priority. They pledged to deepen coordination among member nations to make international financial institutions more representative, transparent and accountable.

The statement comes as India prepares to host the BRICS Leaders' Summit this weekend, with leaders from Russia, China and Iran expected to attend. The New Delhi gathering follows more than six months after the United States and Israel launched attacks on Iran, which became a BRICS member in 2024. The conflict has pushed up oil prices, adding to pressure on emerging economies already grappling with volatility in trade tariffs imposed by the United States.

The finance chiefs voiced serious concerns over the unilateral imposition of trade and finance-related actions, including higher tariffs and non-tariff measures, saying such steps distort trade and are inconsistent with World Trade Organisation rules.

On payments, the ministers acknowledged the work of the BRICS payment task force and urged it to continue discussions aimed at facilitating practical solutions for cross-border payments among member countries that are fast, low-cost, more accessible, efficient, transparent and safe. They also pushed for greater interoperability of payment systems across member nations.

India is expected to press for progress on linking digital currencies across BRICS countries, according to people familiar with the discussions.