President of the New Development Bank (NDB) Mrs. Dilma Rousseff has noted that the BRICS group is currently advancing through a new stage of its maturation.
She believes the expanded BRICS bloc can encompass additional countries from the Global South, “enabling us to identify new areas and domains for cooperation”.
“In this context, both the expansion of BRICS and our emphasis on ensuring the necessary financial resources for projects in the countries of the Global South are of paramount importance,” Rousseff added.
The former president of Brazil made the observation on Tuesday during a meeting with Vladimir Putin, President of the Russian Federation.
The meeting took place on the sidelines of the 16th BRICS Summit hosted by Russia in Kazan.
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The two leaders discussed local currency financing, indebtedness in countries of the Global South and the need for an expanded BRICS to create a more interconnected and financially stable multipolar world.
President Putin acknowledged NDB’s achievements and said, “we hold in high regard the accomplishments you have achieved in recent years and the New Development Bank is a strong, evolving and promising financial institution”.
Meanwhile, Iranian President Masoud Pezeshkian, addressing an extended meeting of the BRICS summit, called on member states to reduce their dependence on the global domination of financial systems created by the West.
“We should not continue depending on Western payment systems. This is a big threat,” he said and called for the creation of an alternative system.
Pezeshkian said Iran will do everything for the BRICS group to promote the task of reforming the structure of global economic management and creating alternative possibilities for the Global South countries.
“As new countries join them, BRICS institutes such as the New Development Bank and the Reserve Fund should assume more responsibility in financing their projects,” he asserted.
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