2022-06-07 11:25:00
HIGH RISK OF GLOBAL CRISIS
PBC - JUN. 06, 2022 - BRICS Finance Ministers and Central Bank Governors Held Second Meeting in 2022
The second meeting of the BRICS Finance Ministers and Central Bank Governors under the Chinese Presidency in 2022 was held virtually on June 6 in the run up to the 14th BRICS Leaders’ Summit.
The meeting was co-chaired by Mr Yi Gang, Governor of the People's Bank of China, and Mr Liu Kun, Minister of the Finance Ministry of China, who were joined online by Ministers and Governors from other BRICS countries. The discussions covered the BRICS Contigent Reserve Arrangement (CRA), transition finance and other issues. Deputy Governor Chen Yulu also attended the meeting.
Participants affirmed the progress achieved in the BRICS financial cooperation in the first half of the year, and approved the BRICS Finance Ministers and Central Bank Governors’ Joint Statement. Ministers and Governors recognized the importance of improving the CRA mechanism by making it more flexible and responsive. They support the amendments to the CRA Treaty, welcome the progress in amending other CRA documents, and look forward to the finalization of amendments. The meeting agreed to continue exchanges on areas such as payments and information security in the financial sector.
The meeting called for stronger policy coordination to promote global economic recovery. Ministers and Governors agree to improve the global economic governance system, support a strong Global Financial Safety Net with the IMF at its center, and call for the timely completion of the 16th General Review of Quotas. They also welcome progress on the voluntary channeling of Special Drawing Rights (SDRs) to support countries most in need.
The meeting recognized the crucial role of sustainable finance to global economic recovery, and acknowledged the importance of transition finance to facilitate orderly transition to low-carbon economies. Ministers and Governors welcome the the stocktaking report on BRICS countries' views and experiences on transition finance, and look forward to continued cooperation in these areas.
Governor Yi Gang thanked participants for their collective support in delivering the strong progress in BRICS financial cooperation as a key part of broader BRICS cooperation agenda, which paves the way for a successful leaders’ Summit. In an efffort to foster High-quality BRICS Partnership and usher in a New Era for Global Development, which is the theme of the Chinese BRICS Presidency in 2022, Govenor Yi affirmed the PBoC’s readiness to continue working with BRICS partners in deepening financial cooperation, strengthening macro-economic and financial policy coordination, and improving global economic governance so as to promote global economic recovery and high-quality development.
Annex: BRICS Finance Ministers and Central Bank Governor's Joint Statement.pdf
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