All these are part of joint statement, issued after two rounds of meeting of the Finance Ministers and Central Bank Governors (FMCBG) of the BRICS countries held in Jaipur and Mumbai, respectively.
According to the statement, the global economy is facing significant headwinds. Risks to the global economic outlook remain elevated, reflecting persistent geopolitical tensions, trade fragmentation and protectionism, policy uncertainty, fiscal and inflationary pressures, growing debt and financial vulnerabilities. “We continue to have serious concerns with the unilateral imposition of trade and finance-related actions, including the raising of tariffs and non-tariff measures, which distort trade and are inconsistent with World Trade Organization (WTO) rules,” it said.
Efforts to enhance economic resilience
Further, these pressures weigh most heavily on Emerging Markets and Developing Economies (EMDEs). BRICS economies, however, have demonstrated resilience and continue to make a significant contribution to a sustainable, inclusive and balanced global growth. In this context, “we will strengthen our collective efforts to enhance global economic resilience, sustain investment and growth, and preserve an open and inclusive global economic environment,” the statement said.It highlighted the need for mobilising development finance, reaffirming the role of multilateralism, strengthening international financial cooperation, supporting infrastructure and productive investment, and harnessing trade, innovation and technology, with particular attention to the needs of EMDEs. “We reiterate our support for an open, transparent, inclusive, non-discriminatory, and rules-based multilateral trading system with the WTO at its core,” the statement said.
Emphasising the need for further reforms of multilateral agencies such as World Bank and IMF, the statement reiterated the urgent need to reform the Bretton Woods Institutions (BWI) to make them more agile, effective, credible, inclusive, fit for purpose, unbiased, accountable, and representative, to enhance their legitimacy. BWI governance structure should be reformed to reflect the transformation of the global economy since their establishment. The voice and representation of EMDEs in the BWI must reflect their relative position in the global economy.
Regional diversity
“We also reiterate our call for improved management procedures, including through a merit-based, inclusive and transparent selection process that would increase regional diversity and representation of EMDEs in the leadership of the IMF and the World Bank,” it said.The statement reaffirmed the BRICS Rio de Janeiro Vision for IMF Quota and Governance Reform and the need for a strong, quota-based and adequately resourced IMF at the centre of the global financial safety net to effectively support its members, particularly the most vulnerable countries. “We urge entry into effect of the quota increases agreed under the 16th General Review of Quotas (GRQ) with no further delay and call for the development of approaches to meaningful quota realignment under the 17th GRQ at the earliest,” it said.
It also reaffirmed that the 2025 World Bank Shareholding Review is a critical tool to strengthen multilateralism and enhance the legitimacy of the World Bank Group, as a more effective development finance institution. In line with the Lima Principles, “we reaffirm that BRICS countries should continue to advocate for the increased voice and representation of developing countries, underpinned by a shareholding realignment that corrects their historic under representation,” it said.
Published on September 11, 2026
