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BRICS can serve as example of new reformed financial system — Ethiopian prime minister

The BRICS group has gone through two waves of expansion since its founding in 2006

MOSCOW, October 18. /TASS/. BRICS can serve as an example of a reformed global financial system that meets the interests of developing economies, Ethiopian Prime Minister Abiy Ahmed said during his speech at the BRICS Business Forum.

"The current international financial architecture does not fully meet the aspirations of developing economies and does not support the acceleration of sustainable development. Therefore, we advocate a comprehensive reform of the global financial system in order to create a fairer structure," the prime minister noted. From his point of view, "BRICS can serve as a standard example of a new reformed global financial system that meets not only the needs of the member countries [of the group], but also supports the development goals and objectives of other developing economies."

The BRICS group has gone through two waves of expansion since its founding in 2006. In 2011, South Africa joined the original membership, which included Brazil, Russia, India and China. In August 2023, six more countries were invited to join the association, including Argentina, but after the election of Javier Miley as president in late December, it declined to join. Five new members - Egypt, Iran, the United Arab Emirates, Saudi Arabia and Ethiopia - began full-fledged work in BRICS on January 1, 2024.

Since January 1, Russia took over the BRICS’ yearlong presidency. It will last until the end of the year and will include more than 200 various events. The BRICS summit in Kazan will be the association’s main event during Russia’s presidency.

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