BRICS financial track priorities for 2023 identified

The first meeting of the BRICS financial track identified the priorities of the South African Presidency for 2023.

Pavel Snisorenko, Director of the Department of International Financial Cooperation of the Ministry of Finance of the Russian Federation, took part in the event on behalf of the Russian Federation, as reported by the agency's press service.

The BRICS partners expressed their intention to continue discussing major issues of global cooperation, in particular those being discussed at the G20 forum: governance and financing of recovery systems, financing the green transition, supporting the most vulnerable countries, quota changes and IMF governance.

Some countries stressed the importance of strengthening cooperation through the New Development Bank, which is the main BRICS program.

The finance ministers also discussed mutual cooperation on tax and customs issues.

During the meeting of representatives of financial authorities, the participants discussed cooperation schemes in the tax and customs areas, the extension of the BRICS Task Force on Public-Private Partnerships and Infrastructure, as well as joint work within the BRICS Financial Research Institutions Network. In addition, the first topics for possible research were considered.

They also talked about the opportunities and challenges of the global economy. According to experts, the global inflation is still the main concern. Pavel Snisorenko noted that the decline in inflation can be halted if the restrictive anti-crisis measures are lifted and the demand for energy on the world market increases.

The next meeting of the BRICS financial track will take place on the margins of the spring meeting of the IMF and World Bank governing bodies in Washington in April 2023.