BRICS finance chiefs urge cross-border payment upgrades and IMF/World Bank reforms

New Delhi: BRICS leaders have called for practical solutions to make cross-border payments among member countries faster, cheaper, more accessible and safer, while backing greater interoperability between national payment and messaging systems as the grouping seeks to deepen economic cooperation.The call was made in the New Delhi Declaration adopted at the 18th BRICS Summit, which encouraged the BRICS Payment Task Force (BPTF) to continue work on cross-border payment mechanisms, building on the BRICS Cross-Border Payments Initiative outlined in earlier Kazan and Rio declarations.The declaration said the task force has been studying the cross-border interoperability of payment and messaging channels and discussions on promoting trade settlements and investments using BRICS local currencies. It also stressed that national priorities would be respected and there would be no "one-size-fits-all approach"."We encourage the BPTF to continue discussions, building on the ongoing work, to facilitate practical solutions for cross-border payments among BRICS countries, which are fast, low-cost, more accessible, efficient, transparent, and safe," the leaders said.The push comes against the backdrop of calls from BRICS leaders for greater use of national currencies in trade. Iranian President Masoud Pezeshkian, speaking at the BRICS Business Forum in New Delhi, called for reducing dependence on dominant currencies and developing mechanisms to manage currency risks and reciprocal settlements."One of the most important steps is to expand the use of national currencies in trade among the members," Pezeshkian said, adding that such a move should be accompanied by instruments to manage currency risks.He also called for a larger role for the New Development Bank in financing infrastructure and energy projects through local-currency financing and guarantees to attract private capital. Pezeshkian proposed a BRICS joint reinsurance company with initial capital of USD 10 billion to cover risks linked to major infrastructure and energy projects.The New Delhi Declaration further outlined wider measures to strengthen intra-BRICS trade and investment. It supported efforts to build more resilient and predictable global value chains, digitise trade documentation and improve connectivity and trade facilitation.For smaller businesses, BRICS leaders welcomed guiding principles for credit assessment of export-oriented MSMEs and the Jaipur Consensus to study an invoice discounting mechanism that could help businesses unlock working capital and participate more actively in international trade.The declaration also welcomed continued technical work on a New Investment Platform, discussions on settlement and depositary infrastructure, and measures to strengthen BRICS insurance and reinsurance capacity.Together, these measures point to a broader effort to build financial and trade infrastructure that can support deeper economic integration among BRICS members, while allowing countries to pursue cooperation according to their own national priorities.

New Delhi: BRICS finance ministers and central bank governors have called for deeper financial cooperation and sweeping reforms at the International Monetary Fund (IMF) and World Bank, seeking greater representation for emerging and developing economies. In a joint statement following meetings in Jaipur and Mumbai, the finance chiefs said the expanded BRICS membership had strengthened the grouping's diversity and global economic influence.BRICS Seeks IMF, World Bank ReformsUnder India's 2026 chairship, BRICS financial cooperation is expanding across payments, infrastructure financing, taxation, customs and financial stability.The grouping represents nearly half of the global population, around 40% of world GDP and 26% of international trade, according to official data.Chinese President Xi Jinping Heads To India For BRICS Summit, Set For Bilateral Meeting With PM Narendra Modi BRICS said the governance structure of the Bretton Woods institutions should better reflect changes in the global economy and give emerging markets a stronger voice.It backed IMF quota increases agreed under the 16th General Review of Quotas and sought meaningful realignment under the 17th review.#WATCH | Chinese President Xi Jinping arrives in Delhi to participate in the BRICS Summit 2026. @BricsIndia2026 @MEAIndia @EOIBeijing #BRICS2026 #BRICSIndia2026 #IndiaBRICSChairship #BRICS26OnDD pic.twitter.com/5Ix0O112Nr— DD News (@DDNewslive) September 12, 2026 The grouping also sees the World Bank's shareholding review as an opportunity to address the historical underrepresentation of developing economies.Global Risks Raise ConcernsBRICS finance chiefs warned of growing threats from geopolitical tensions, trade fragmentation, protectionism, inflation, rising debt and financial vulnerabilities.They also raised concerns over unilateral tariffs and non-tariff measures, arguing that such restrictions could distort global trade.Bigger Role for New Development BankThe ministers backed an expanded role for the New Development Bank (NDB) in financing infrastructure and development projects across BRICS and the Global South.The NDB was encouraged to expand local-currency financing, diversify funding sources and mobilise more resources.BRICS Keeps De-Dollarisation On A Cautious Track, Payments Take Priority Over Common Currency BRICS also supported progress on a Multilateral Guarantees initiative designed to attract private capital and reduce project financing costs.Meanwhile, central banks are strengthening the BRICS Contingent Reserve Arrangement, a liquidity safety net for members facing financial pressure.Cooperation is also widening into insurance, pensions, cybersecurity and settlement infrastructure, including India's proposed voluntary BRICS Risk Lab at GIFT City.

Finance ministers and central bank governors of BRICS countries have discussed the possibility of developing efficient cross-border payment mechanisms."We acknowledge the efforts of the BRICS Payment Task Force (BPTF) towards exploring pragmatic solutions for efficient cross-border payment mechanisms, drawing on the guidance provided by our leaders in the Kazan and Rio Declarations, on the BRICS Cross-Border Payments Initiative," a joint statement of BRICS Finance Ministers and Central Bank Governors (FMCBG) said on Friday.The statement comes a day before the two-day BRICS Summit being held in Delhi.The BPTF studied cross-border interoperability of payment and messaging channels and held discussions on promoting trade settlements and investments using local currencies of BRICS countries.While pursuing these efforts, the task force has been asked to respect national priorities and recognise that there is no "one-size-fits-all" approach."We encourage the BPTF to continue discussions, building on the ongoing work, to facilitate practical solutions for cross-border payments among BRICS countries, which are fast, low-cost, more accessible, efficient, transparent, and safe," the statement said.Focus on global financial reformsWith emerging markets and developing economies (EMDEs) accounting for a growing share of global output and growth, reforming global economic governance remains a key BRICS priority.The finance ministers and central bank governors said they would continue strengthening coordination among BRICS members to make international financial institutions more representative, transparent and accountable.The FMCBG reiterated the need for reforms in the Bretton Woods Institutions (BWI) to make them more agile, effective, credible, inclusive, unbiased and representative.It said the governance structure of BWI should reflect changes in the global economy since their establishment.The group also called for greater representation of EMDEs in the BWI and reiterated the need for improved management procedures, including a merit-based, inclusive and transparent selection process for leadership positions at the International Monetary Fund (IMF) and the World Bank.The FMCBG reaffirmed the BRICS Rio de Janeiro Vision for IMF Quota and Governance Reform and stressed the need for a strong, quota-based and adequately resourced IMF at the centre of the global financial safety net to support member countries, particularly vulnerable economies.It also said the 2025 World Bank Shareholding Review was an important step towards strengthening multilateralism and enhancing the legitimacy of the World Bank Group as a more effective development finance institution.BRICS Summit: Piyush Goyal Urges Nations To Link Payment Systems, Expand UPI ReachNDB role in development and financingOn the New Development Bank (NDB), the joint statement said, "As it embarks on its second golden decade of high-quality development, we recognise and support the growing role of the NDB as a robust and strategic agent of development and modernisation in BRICS and the Global South".The statement encouraged the bank to mobilise resources, expand local currency financing, strengthen project preparation facilities, diversify funding sources, promote innovation and support projects aimed at inclusive and sustainable growth in member countries.It reiterated support for the NDB’s efforts to fulfil its mandate in a fair, transparent and non-discriminatory manner and strengthen its role as a leading multilateral development institution for emerging markets and developing economies.The FMCBG welcomed progress in advancing the BRICS Multilateral Guarantees (BMG) initiative in line with the guidance provided by BRICS leaders in 2025.It noted the preparatory work undertaken by the NDB for the pilot phase of the initiative under its existing Policy on Guarantees to support sustainable development and resilient infrastructure projects.Also Watch:Cooperation on taxationThe finance ministers and central bank governors expressed commitment to curbing tax-related illicit financial flows and promoting fair allocation of taxing rights.The FMCBG reaffirmed its commitment to strengthening BRICS tax cooperation through resilience, innovation, cooperation and sustainability.It also stressed the importance of knowledge sharing, capacity building and constructive engagement at international forums, including the United Nations Framework Convention on International Tax Cooperation and its protocols, to support a fair, efficient and future-ready international tax system.