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BRICS Deputy Finance Ministers discuss financial cooperation issues

BRICS Deputy Finance Ministers discuss financial cooperation issues

On 3 September 2020, a Meeting of BRICS Deputy Finance Ministers and Deputy Central Bank Governors as well as a Meeting of the BRICS Contingent Reserve Arrangement (CRA) Standing Committee took place via videoconference.

Ministry of Finance Issues: Deputy Finance Ministers discussed the initiative to establish a shared BRICS database on infrastructure projects and project initiatives, as well as the New Development Bank (NDB) membership expansion issue.

The meeting participants also exchanged views on the implementation of the G20 Debt Service Suspension Initiative (DSSI) for low-income countries.

Central Bank Issues: The participants decided to continue improving the BRICS Contingent Reserve Arrangement and working on the amendments to the BRICS Inter-Central Bank Agreement (ICBA). The five countries will continue working on the first issue of an analytical BRICS Economic Bulletin as part of the system enabling the Central Banks of the five BRICS countries to exchange macroeconomic data.

The meeting participants paid special attention to promoting deeper integration of the national payment systems, as well as creating cross-border payment infrastructure for the five countries. They discussed some aspects of creating BRICS Rapid Information Security Channel (BRISC)

The final meeting on the BRICS financial track – i.e. BRICS Finance Ministers and Central Bank Governors Meeting is scheduled for October 2020.