The BRICS Finance Ministers and Central Bank Governors Meeting was held on August 15, 2023, under South Africa’s chairship of BRICS. Here are the key details about this meeting:

1. The meeting resulted in a Joint Finance Statement centered on the priorities set by South Africa for the 2023 BRICS Finance Track.

2. Key priorities discussed during the meeting included:

– Global Economic Outlook and Multilateral Cooperation
– BRICS Task Force on Public-Private Partnerships and Infrastructure
– Mutual Cooperation on Customs and Tax
– BRICS Think Tank Network for Finance
– Contingent Reserve Arrangement (CRA)
– Cooperation on sustainable finance, payment areas, and information security

3. The participants reaffirmed BRICS countries’ commitment to cooperating and contributing to the recovery of the global economy.

4. They noted that the global economic outlook remains uncertain due to prolonged high inflation, the impact of the COVID-19 pandemic, and geopolitical tensions.

5. The statement highlighted that emerging markets and developing economies (EMDEs), particularly China and India, continue to drive global economic growth.

6. The finance ministers and central bank governors expressed concern about the potential impacts of the ongoing banking system crisis and recent stress episodes in the banking sector.

7. They called for strengthening the rules-based, non-discriminatory multilateral trading system and emphasized the importance of an open, transparent, and inclusive international trade environment.

8. The meeting also discussed the development of a case study template for infrastructure investment, completed by all member countries.

This meeting was an important part of South Africa’s BRICS presidency in 2023, focusing on economic cooperation and addressing global financial challenges.