India hosts summit of BRICS Finance Ministers, central bank heads virtually

In separate meeting with Kerry, FM emphasises on increasing fund flows from developed to developing nations to battle climate change

Finance minister Nirmala Sitharaman on Tuesday emphasised the key role the BRICS group was playing in responding to the current global crisis through policy support and by enhancing international policy coordination.

She was addressing the first meeting of BRICS finance ministers and central bank governors meeting virtually from New Delhi. The meeting was co-chaired by Sitharaman and RBI governor Shaktikanta Das.

Issues discussed in the meeting included global economic outlook, new development bank, social infrastructure, IMF reforms, fintech for SME and financial inclusion, customs cooperation, BRICS bond fund and BRICS information security, according to tweets by the finance ministry.  

Assistance to developing countries for climate action:

Sitharaman stressed on the need for assessment of the $100 billion commitment per year from developed countries to developing countries for strengthening climate action. She raised this issue at her meeting with US special presidential envoy for climate John Kerry.

She underscored the need to enhance financial flows to developing countries beyond $100 billion for this purpose.

She informed Kerry that India is among few countries on track towards Paris agreement goals and has taken decisive actions in fighting climate change.

The finance minister emphasised that the focus on climate change should be both on mitigation and on strengthening adaptation measures.