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BEIJING, 7 Jun:<\/strong> The BRICS nations, comprising Brazil, Russia, India, China and South Africa, have reached a consensus on deepening financial cooperation and strengthening coordination on macroeconomic policy, the official media here reported on Tuesday.<\/p>\n A virtual meeting of finance ministers and central bank governors of the five-member bloc was held on Monday, which was co-chaired by China’s Central Bank Governor Yi Gang and Finance Minister Liu Kun.<\/p>\n The meeting discussed topics such as improving the Contingent Reserve Arrangement and the cooperation of transition finance and other areas.<\/p>\n Finance Minister Nirmala Sitharaman, who participated virtually in the meeting, said that India’s growth will be driven by fiscal spending.<\/p>\n Sitharaman said that the BRICS should continue to serve as a platform to engage in dialogues and facilitate exchange of experiences, concerns and ideas for rebuilding a sustainable and inclusive growth trajectory.<\/p>\n Speaking on India’s growth outlook, she said that “the economic growth will<\/p>\n continue to be supported by fiscal spending, along with an investment push, imparting momentum to the economy, based on the idea of growth at macro level, complemented by all-inclusive welfare at the micro level,” the finance ministry said in a press release on Monday.<\/p>\n The finance ministers and the central bank governors of the BRICS countries issued a joint statement at the virtual meeting, reaching a consensus on deepening financial cooperation and strengthening coordination on macroeconomic policy.<\/p>\n China is this year’s chair of the BRICS and is expected to hold the annual summit of the five-member bloc in the coming weeks.<\/p>\n At the meeting, Gang spoke highly of the concerted efforts made by all BRICS countries in achieving positive progress in financial cooperation, the state-run Xinhua news agency reported.<\/p>\n The meeting called upon the international community to foster partnerships, noting that it is imperative to strengthen macro-policy coordination in driving the world economy out of the crisis and shaping a strong, sustainable, balanced and inclusive post-pandemic economic recovery.<\/p>\n It also reiterated the BRICS countries’ commitment to maintaining a strong and effective global financial safety net with a quota-based and adequately resourced International Monetary Fund at its centre, calling for timely and successful completion of the 16th general review of quotas.<\/p>\n The meeting also recognised the crucial role of sustainable finance in the global economic recovery, as well as the importance of transition finance in facilitating orderly green and low-carbon transition, the report said. (PTI)<\/p>\n","protected":false},"excerpt":{"rendered":" BEIJING, 7 Jun: The BRICS nations, comprising Brazil, Russia, India, China and South Africa, have reached a consensus on deepening financial cooperation and strengthening coordination on macroeconomic policy, the official media here reported on Tuesday. A virtual meeting of finance ministers and central bank governors of the five-member bloc was held on Monday, which was […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-192576","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-state-news"},"_links":{"self":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts\/192576","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/comments?post=192576"}],"version-history":[{"count":0,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts\/192576\/revisions"}],"wp:attachment":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/media?parent=192576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/categories?post=192576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/tags?post=192576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}