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BRICS finance ministers should prepare report on development bank by G20 summit

May 15, 2013, 13:51 UTC+3
The G-20 summit to be held in St Petersburg in June
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MOSCOW, May 15 (Itar-Tass) - BRICS Finance Ministers should prepare a provisional report on the expediency of creating a development bank of their own, Russian ambassador at large Vadim Lukov said.

Speaking at the 3rd international conference devoted to cooperation between BRICS and Africa, Lukov said: “On the sidelines of the G-20 summit due to be held in St Petersburg in June the BRICS representatives will meet to present proposals on implementing the agreements reached at the BRICS summit in Durban at the end of March.”

The Russian ambassador stressed that the BRICS development bank was needed to give an impetus to the development of the states themselves.

The ambassador noted that it was important to create a reserve pool at the amount of 100 billion dollars. He explained that the reserve pool “is indispensable to provide urgent aid to making the BRICS budgets stable”. Such structures are actively being created by other participants in the international financial system, Lukov said.

BRICS’ priority now is to study economic, currency and financial prospects for the development of the organisation, he said. The Russian ambassador stressed the importance of developing cooperation between scientists and diplomats in order to ensure the successful development of the organisation.

“If our science can reveal possibilities to use the BRICS potentials, it will contribute to the development of the organisation,” Lukov said.

 

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