BRICS FMs, Central Bank Governors meeting begins in Jaipur

The two-day meeting of BRICS Finance Ministers and Central Bank Governors (FMCBG) began in Jaipur on Wednesday under India’s BRICS presidency, with member countries set to discuss key global economic and financial issues.The meeting, being held on August 12 and 13, focuses on challenges facing the global economy, financial stability, reforms in the international financial architecture, the needs of developing economies and ways to strengthen global financial cooperation.
According to agency reports,Union Finance Minister Nirmala Sitharaman arrived in Jaipur on Tuesday night to attend the meeting. She was received at Jaipur Airport by Rajasthan Deputy Chief Minister Diya Kumari and Chief Secretary V. Srinivas. Reserve Bank of India Governor Sanjay Malhotra also reached Jaipur on Tuesday night.Senior delegations from BRICS member countries have also arrived in the Rajasthan capital for the high-level discussions.
The meeting aims to strengthen cooperation among BRICS countries on global macroeconomic and financial matters amid changes in the international economic environment.Discussions are expected to cover financial stability, economic growth, investment and the role of international financial institutions.The agenda also includes improving access to capital for developing and emerging economies, attracting private investment and strengthening development finance.A high-level seminar on the role of the New Development Bank (NDB) and mobilisation of private capital was held earlier on Wednesday ahead of the main deliberations. The session examined ways to attract private capital to developing economies and strengthen development financing.
The discussions also focused on the role of multilateral financial institutions in supporting investment in development projects and creating new avenues to increase capital availability for emerging and developing economies.