BRICS finance chiefs urge reform of global development financial institutions - Reuters

**BRICS Finance Ministers Call for Overhaul of Global Development Banks**

*New Delhi, September 12 2026* – Finance ministers and central bank governors of the BRICS bloc (Brazil, Russia, India, China and South Africa) gathered in New Delhi for a three‑day summit and emerged with a unified demand to reshape the International Monetary Fund (IMF) and World Bank. The ministers, led by India’s Finance Minister Nirmala Sitharaman, argued that the two institutions, founded in the post‑World‑War II order, still reflect a “legacy architecture” that sidelines emerging economies. They urged a revision of voting quotas, greater representation for developing countries on the executive boards, and an expansion of concessional financing to address infrastructure gaps, climate resilience and post‑pandemic recovery.

The communiqué also condemned “unilateral imposition” of tariffs and non‑tariff barriers that, according to the BRICS finance chiefs, undermine multilateral trade rules and hurt growth prospects for member states. In a joint statement, the group called for the World Trade Organization to accelerate its reform agenda and for major economies to halt protectionist measures that distort market access. The ministers highlighted the need for a coordinated response to “strategic decoupling” trends, stressing that a rules‑based global trading system remains essential for sustainable development.

While pressing for institutional reform, the BRICS finance leaders signaled a pragmatic approach to monetary integration. India, which has resisted calls to abandon the U.S. dollar, affirmed its intention to pursue a digital currency linkage among BRICS members, despite technical and regulatory hurdles. Sources cited by Reuters indicated that Indian authorities are developing a framework to enable cross‑border settlement of the BRICS digital currency, a move aimed at reducing transaction costs without destabilising the dollar’s dominant role in global finance. The United States and the IMF have welcomed dialogue but warned that any restructuring must preserve financial stability and uphold existing governance standards.