BRICS Finance Chiefs Push for Stronger Financial Cooperation, IMF and World Bank Reforms

BRICS finance ministers and central bank governors are seeking deeper financial cooperation and reforms to give emerging economies a stronger voice in global institutions.

BRICS Finance Chiefs Push for Stronger Financial Cooperation and IMF, World Bank Reforms

BRICS Calls for Greater Role for Emerging Economies

BRICS finance ministers and central bank governors have called for deeper financial cooperation among member countries while pushing for reforms at major global institutions such as the International Monetary Fund (IMF) and the World Bank.

Following meetings held in Jaipur and Mumbai, the finance chiefs said the expansion of BRICS has increased the group's diversity and strengthened its role in the global economy.

They argued that international financial institutions should better reflect the changing structure of the global economy and provide greater representation to emerging and developing nations.

India’s 2026 BRICS Chairship Focuses on Financial Cooperation

Under India's 2026 BRICS chairship, financial cooperation is expanding across several areas, including cross-border payments, infrastructure funding, taxation, customs and financial stability.

BRICS members collectively account for nearly half of the world's population, around 40% of global GDP and approximately 26% of international trade, according to official figures.

The grouping believes this growing economic significance should be reflected in the decision-making structures of international financial institutions.

BRICS Pushes for IMF Quota Reforms

The finance chiefs backed the quota increases agreed under the 16th General Review of Quotas at the IMF.

They also called for a meaningful realignment of quota shares under the upcoming 17th review, with the objective of increasing the representation of emerging and developing economies.

BRICS has argued that the existing structure of global financial governance does not fully represent today's economic realities. Greater voting power for developing nations could give these countries a stronger role in decisions affecting the international monetary system.

World Bank Shareholding Review Also in Focus

The BRICS grouping has also highlighted the importance of the World Bank's shareholding review. It sees the process as an opportunity to address the longstanding underrepresentation of developing countries within the institution.

The finance chiefs believe reforms at both the IMF and World Bank are necessary to make global financial governance more balanced and responsive to the needs of emerging economies.

BRICS Highlights Growing Global Economic Risks

The finance ministers and central bank governors also discussed several risks facing the global economy. These include geopolitical tensions, trade fragmentation, protectionism, inflation, high debt levels and financial vulnerabilities.

They expressed concern about unilateral tariffs and non-tariff trade measures, warning that such policies could disrupt international commerce and create additional uncertainty for businesses and economies.

The group called for greater cooperation to maintain financial and economic stability amid an increasingly uncertain global environment.

New Development Bank to Get Bigger Role

BRICS finance chiefs backed an expanded role for the New Development Bank (NDB) in supporting infrastructure and development projects across BRICS nations and the wider Global South.

The NDB has been encouraged to increase financing in local currencies while diversifying its funding sources and mobilising additional resources.

Greater local-currency lending could help countries reduce their exposure to exchange-rate fluctuations and strengthen financing options for long-term development projects.

Initiative to Attract Private Investment

BRICS also supported progress on a Multilateral Guarantees initiative, which aims to encourage private-sector participation in infrastructure and development projects.

The initiative could help reduce financing costs and make projects more attractive to private investors by providing additional guarantees.

Mobilising private capital is increasingly important as developing economies require substantial investment in infrastructure, energy, technology and other strategic sectors.

BRICS Strengthens Financial Safety Mechanisms

Central banks within the grouping are also working to strengthen the BRICS Contingent Reserve Arrangement (CRA).

The mechanism acts as a liquidity support framework for member countries facing financial pressures and can provide an additional layer of protection during periods of economic stress.

BRICS members are also expanding cooperation into areas such as insurance, pensions, cybersecurity and financial settlement infrastructure.

India Proposes BRICS Risk Lab at GIFT City

India has proposed a voluntary BRICS Risk Lab at GIFT City as part of efforts to strengthen cooperation on financial risks.

The initiative could provide a platform for members to exchange expertise and develop approaches to emerging challenges in the financial sector.

Alongside this, BRICS is continuing discussions on payment infrastructure and other mechanisms that could make cross-border transactions more efficient.

Stronger Financial Ties Remain a BRICS Priority

The latest discussions demonstrate BRICS' growing focus on building stronger financial links among member economies while seeking greater influence in global financial institutions.

From IMF and World Bank reforms to local-currency financing, development funding and financial safety mechanisms, the grouping is expanding cooperation across multiple areas.

As India's 2026 chairship continues, BRICS is expected to focus on strengthening financial resilience, increasing the participation of emerging economies in global decision-making and creating new avenues for development financing across the Global South.

Conclusion

BRICS finance chiefs are seeking to strengthen financial cooperation while pushing for meaningful reforms in the IMF and World Bank. Greater representation for emerging economies, expanded local-currency financing, stronger financial safety mechanisms and increased development funding could help make the global financial system more balanced and inclusive. As BRICS expands its role in the global economy, these initiatives are expected to support greater financial stability, cooperation and sustainable growth across developing economies.