The final meeting of Finance Ministers and Central Bank Governors with the participation of representatives of the new BRICS member countries in the framework of the Russian Federation’s chairmanship of BRICS.

The UAE delegation was led by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs. This is reported by Emirates News Agency (WAM), a partner of TV BRICS

During the meeting, Mohamed Bin Hadi Al Hussaini emphasised the importance of strengthening South-South cooperation.

“Developing robust infrastructure to manage global economic flows is essential for integrating these countries into the international financial system,” he said

Russian Finance Minister Anton Siluanov spoke about the results of the Russian presidency in the financial track of the association and will present a report on improving the international monetary and financial system.

A key outcome of the work was the preparation of a Report on Improving the International Monetary and Financial System with a list of practical solutions, including the BRICS Cross-border Payment Initiative.

“The experience of this year and previous years shows that BRICS financial cooperation has a high potential for development. We are setting ambitious new tasks for ourselves. Today we are laying the foundation for a future international monetary and financial system that meets the principles of security, independence, accessibility and sustainability. This creates preconditions for a new round of evolution of the international monetary and financial system,” said Anton Siluanov, Minister of Finance of the Russian Federation.

The governor of the Central Bank of Iran (CBI), Mohammadreza Farzin, has said Iran is going to become a member of the New Development Bank.“The New Development Bank can pursue many of the development goals of the BRICS member countries,” he added.

BRICS financial and economic events were held in Moscow, including panel sessions and discussions on the international financial system.

African Times published this article in partnership with International Media Network TV BRICS