BRICS finance ministers and central bank governors have expressed their commitment to curbing illicit tax-related financial flows and promoting fair distribution of tax rights. | Photo credit: ANI
Finance ministers and central bank governors of the BRICS countries discussed the possibility of creating effective cross-border payment mechanisms.
“We appreciate the efforts of the BRICS Payments Task Force (BPTF) to find pragmatic solutions for effective cross-border payment mechanisms, building on the recommendations of our leaders in the Kazan and Rio Declarations on the BRICS Cross-Border Payments Initiative,” the BRICS Finance Ministers and Central Bank Governors (FMCBG) said in a joint statement on Friday.
The joint statement was made a day before the two-day BRICS summit to be held in Delhi.
The BPTF also examined cross-border interoperability of payment and messaging channels and held discussions on facilitating trade settlements and investments using the local currencies of BRICS countries, he said.
In implementing these efforts, the task force was asked to respect national priorities and recognize that there is no one-size-fits-all approach.
“We encourage the BPTF to continue discussions, building on ongoing work, to promote practical solutions for cross-border payments between BRICS countries that are fast, inexpensive, more accessible, efficient, transparent and secure,” the statement said.
Given the growing share of emerging market and developing economies (EMDEs) in global output and economic growth, reform of global economic governance remains an ongoing BRICS priority; It said it will continue to strengthen coordination among BRICS members to make international financial institutions more representative, transparent and accountable.
The FMCBG reiterated the urgent need to reform the Bretton Woods Institutions (BWIs) to make them more responsive, effective, credible, inclusive, fit for purpose, impartial, accountable and representative, and to enhance their legitimacy.
BWI’s governance structure must be reformed to reflect the transformation of the global economy since their inception, it said.
The voice and representation of EMDE countries in the BWI should reflect their relative position in the global economy, the report says.
He also reiterated his call for improved governance procedures, including through a merit-based, inclusive and transparent selection process that will increase regional diversity and EMDE representation in the leadership of the IMF and the World Bank.
The FMCBG reaffirmed the Rio BRICS vision for reform of quotas and IMF governance, and the need to create a strong, quota-based and adequately resourced IMF at the center of the global financial safety net to effectively support its members, especially the most vulnerable countries.
He affirmed that the World Bank’s 2025 Equity Review is a critical tool for strengthening multilateralism and enhancing the legitimacy of the World Bank Group as a better, bigger, and more effective development finance institution.
Regarding the New Development Bank (NDB), the joint statement said: “As it enters a second golden decade of high-quality development, we recognize and support the growing role of the NDB as a trusted and strategic agent for development and modernization in the BRICS and the Global South.”
The statement recommends that the bank mobilize resources, expand local currency financing, strengthen project preparation mechanisms, diversify funding sources, promote innovation and support high-impact projects that contribute to inclusive and sustainable growth in member countries.
He reaffirmed his support for the NDB’s efforts to carry out its mandate in a fair, transparent and non-discriminatory manner and further strengthen its role as a leading multilateral development institution for emerging markets and developing countries.
FMCBG welcomed the progress made in promoting the BRICS Multilateral Guarantee (BMG) initiative as directed by the BRICS leaders in 2025.
He noted the preparatory work done by the NDB for the pilot phase of the initiative under its existing Safeguards Policy aimed at supporting sustainable development and sustainable infrastructure projects.
They expressed their commitment to curbing illicit tax-related financial flows and promoting equitable distribution of tax rights.
FMCBG reaffirmed its commitment to strengthen BRICS tax cooperation through sustainability, innovation, cooperation and resilience, while promoting knowledge sharing and capacity building, constructive participation in international forums such as the United Nations Framework Convention on International Tax Cooperation and its protocols, to support a fair, efficient and future-ready international tax ecosystem.
Published September 11, 2026