07:37Russian Deputy Prime Minister Alexander Novak stated that the existing global payment system was collapsing and transforming into a new one, speaking at the 27th St Petersburg International Economic Forum (SPIEF) session on Friday.
"We are witnessing the collapse of the global system, but its share in international payments is still significant, but we are witnessing a trend, as they say, there is an energy transition in the energy sector, and here, probably, there will be a kind of a financial transformation in the financial sector to a new look of the international payments system," Novak said.
Meanwhile, Egypt’s Minister of Planning and Economic Development Hala Helmy El-Said emphasised that BRICS 'become a significant block in shaping the global economic landscape'.
"The expansion of BRICS presents a unique opportunity for both institutions: for the BRICS bloc and emerging and middle-income countries," he said, adding: "We're talking about a block that represents 24 per cent of the world's GDP, it's more than 44 per cent of the population."
SPIEF 2024, taking place from June 5-8, includes participants from over 136 countries. Since its inception in 1997, the forum has served as a platform for international dialogue on economic matters, with the patronage and participation of the Russian Federation's president since 2005.
Russia is witnessing 'collapse of the global system' and 'financial transformation' in international payments - Deputy PM Novak
Russian Deputy Prime Minister Alexander Novak stated that the existing global payment system was collapsing and transforming into a new one, speaking at the 27th St Petersburg International Economic Forum (SPIEF) session on Friday.
"We are witnessing the collapse of the global system, but its share in international payments is still significant, but we are witnessing a trend, as they say, there is an energy transition in the energy sector, and here, probably, there will be a kind of a financial transformation in the financial sector to a new look of the international payments system," Novak said.
Meanwhile, Egypt’s Minister of Planning and Economic Development Hala Helmy El-Said emphasised that BRICS 'become a significant block in shaping the global economic landscape'.
"The expansion of BRICS presents a unique opportunity for both institutions: for the BRICS bloc and emerging and middle-income countries," he said, adding: "We're talking about a block that represents 24 per cent of the world's GDP, it's more than 44 per cent of the population."
SPIEF 2024, taking place from June 5-8, includes participants from over 136 countries. Since its inception in 1997, the forum has served as a platform for international dialogue on economic matters, with the patronage and participation of the Russian Federation's president since 2005.
Russian Deputy Prime Minister Alexander Novak stated that the existing global payment system was collapsing and transforming into a new one, speaking at the 27th St Petersburg International Economic Forum (SPIEF) session on Friday.
"We are witnessing the collapse of the global system, but its share in international payments is still significant, but we are witnessing a trend, as they say, there is an energy transition in the energy sector, and here, probably, there will be a kind of a financial transformation in the financial sector to a new look of the international payments system," Novak said.
Meanwhile, Egypt’s Minister of Planning and Economic Development Hala Helmy El-Said emphasised that BRICS 'become a significant block in shaping the global economic landscape'.
"The expansion of BRICS presents a unique opportunity for both institutions: for the BRICS bloc and emerging and middle-income countries," he said, adding: "We're talking about a block that represents 24 per cent of the world's GDP, it's more than 44 per cent of the population."
SPIEF 2024, taking place from June 5-8, includes participants from over 136 countries. Since its inception in 1997, the forum has served as a platform for international dialogue on economic matters, with the patronage and participation of the Russian Federation's president since 2005.