First BRICS Meeting of Finance Ministers and Central Bank Governors Under Russia’s Chairship Held in Brazil

On 27 February the first meeting of BRICS Finance Ministers and Central Bank Governors under Russia’s BRICS Chairship in 2024 took place in Sao Paulo, Brazil.

Minister of Finance of Russia Anton Siluanov and First Deputy Governor of the Bank of Russia Vladimir Chistyukhin spoke about priorities of the financial track and the Chairship’s goal of improving the international monetary and financial system. Meeting participants reaffirmed their support of Russia’s Chairship goals and expressed their readiness to continue common work.

“The current system is based on existing Western financial infrastructure and the use of reserve currencies. It is severely flawed and is increasingly used as a tool of political and economic pressure. Another reason for a reform of the international monetary and financial system is the geo-economic fragmentation that became a result of the abuse of trade and financial restrictions,” Siluanov said.

One of the main areas of improvement of the international monetary and financial system is the development of an independent financial infrastructure that will strengthen the autonomy and financial sovereignty of developing countries.

“Financial infrastructure must be accessible to all and independent from the will of particular countries. Alternatively, we will face artificially created barriers to trade, investment, and technology, even in transactions between other countries, with stunted global economic growth as the end result,” the Minister said.

The Ministry of Finance of Russia and the Bank of Russia will work with BRICS partners to prepare a report by the end of the year for BRICS countries’ leaders with a list of initiatives and recommendations on ways to improve the international monetary and financial system.

The report is to be followed by a number of practical initiatives, which include the creation of a multilateral digital settlement and payment platform known as the “BRICS Bridge”. It would help to bridge the gap between the financial markets of BRICS member countries and increase mutual trade.

The meeting participants also discussed the outlook for global economic development, the current state of BRICS economies, issues relevant to cooperation on customs and taxation, mixed financing for infrastructure projects, the launch of the BRICS Financial Research Network, expanding cooperation in insurance and reinsurance, and improved collaboration between stock exchanges of BRICS countries.

During the session dedicated to cooperation between central banks, the Bank of Russia presented its priority areas for this year:

• improving the BRICS Contingent Reserve Arrangement and issuing a regular Economic Bulletin on the effect of higher interest rates on the BRICS economies;
• cooperation on payments;
• information security in the financial sector;
• application of financial technologies;
• issues surrounding transitional financing and sustainable development;
• establishing a platform for open events, seminars, and roundtables.

Special attention was paid to increasing the use of national currencies for mutual settlements and creating an independent and more equitable financial infrastructure. One of the most important tasks this year will be smooth integration of new BRICS members on the financial track and establishing experts cooperation.

During Russia’s BRICS Chairship three meetings are planned for deputy finance ministers to work thoroughly on the issues of the agenda. The final meeting of BRICS Finance Ministers and Central Bank Governors is to be held in October in Russia.

The Roscongress Foundation manages the events of Russia’s BRICS Chairship.