BRICS finance ministers and central bank governors are calling for reforms to the IMF and World Bank to strengthen the representation of emerging economies.

Financial officials from BRICS countries have called for reforms to the main international financial institutions.

They are demanding more representative, transparent and accountable governance of the International Monetary Fund and the World Bank.

Emerging economies believe that their weight in the global economy has increased significantly without their institutional representation evolving at the same pace. The declaration comes ahead of the BRICS summit in New Delhi.

Cross-Border Payments at the Center

Financial officials also want to accelerate cooperation on cross-border payment systems. The BRICS Payment Task Force is expected to continue its work on developing solutions that are cheaper, faster, more accessible and secure. The interoperability of digital currencies is also among the issues under discussion.

This strategy could gradually reduce transaction costs between emerging economies. It could also facilitate trade and investment flows within BRICS.

For African economies that are members of or partners with BRICS, the issue of payments is a major concern for trade and investment financing.