٠٠:٠٤:٥٧Russian President Vladimir Putin stated that settlements in national currencies of BRICS countries would increase independence and reduce the risks, while speaking at a meeting with the New Development Bank head Dilma Rousseff in Kazan on Tuesday.
"Increase in local currency settlements makes it possible to reduce debt servicing costs, increase the financial independence of BRICS member countries, minimise geopolitical risks and, as far as possible in today's world, remove economic development from politics," the president noted.
According to the Russian leader, the New Development Bank had financed about one hundred projects worth 33 billion dollars since 2018. For her part, Rousseff added that countries in the Global South often had difficulties obtaining funding, and that was where the bank could step in.
"I believe that BRICS can also include other countries of the Global South, so that we can identify new areas of co-operation and new fields. In this regard, both the expansion of BRICS and our focus on securing the necessary funding for projects in the countries of the Global South is a priority," Rouseff said.
The 16th BRICS Summit is scheduled for October 22-24. World leaders from more than 24 countries are expected, with delegations from over 30 nations, for one of the major economic, political and cultural events of the decade.
Russia has chaired BRICS since January 1, 2024. The group also expanded this year, growing in both size and influence to nearly half the world’s population and a third of the global economy.
Settlements in national currencies increase independence and remove the politics! - Putin meets New Development Bank President Rousseff
Russian President Vladimir Putin stated that settlements in national currencies of BRICS countries would increase independence and reduce the risks, while speaking at a meeting with the New Development Bank head Dilma Rousseff in Kazan on Tuesday.
"Increase in local currency settlements makes it possible to reduce debt servicing costs, increase the financial independence of BRICS member countries, minimise geopolitical risks and, as far as possible in today's world, remove economic development from politics," the president noted.
According to the Russian leader, the New Development Bank had financed about one hundred projects worth 33 billion dollars since 2018. For her part, Rousseff added that countries in the Global South often had difficulties obtaining funding, and that was where the bank could step in.
"I believe that BRICS can also include other countries of the Global South, so that we can identify new areas of co-operation and new fields. In this regard, both the expansion of BRICS and our focus on securing the necessary funding for projects in the countries of the Global South is a priority," Rouseff said.
The 16th BRICS Summit is scheduled for October 22-24. World leaders from more than 24 countries are expected, with delegations from over 30 nations, for one of the major economic, political and cultural events of the decade.
Russia has chaired BRICS since January 1, 2024. The group also expanded this year, growing in both size and influence to nearly half the world’s population and a third of the global economy.
Russian President Vladimir Putin stated that settlements in national currencies of BRICS countries would increase independence and reduce the risks, while speaking at a meeting with the New Development Bank head Dilma Rousseff in Kazan on Tuesday.
"Increase in local currency settlements makes it possible to reduce debt servicing costs, increase the financial independence of BRICS member countries, minimise geopolitical risks and, as far as possible in today's world, remove economic development from politics," the president noted.
According to the Russian leader, the New Development Bank had financed about one hundred projects worth 33 billion dollars since 2018. For her part, Rousseff added that countries in the Global South often had difficulties obtaining funding, and that was where the bank could step in.
"I believe that BRICS can also include other countries of the Global South, so that we can identify new areas of co-operation and new fields. In this regard, both the expansion of BRICS and our focus on securing the necessary funding for projects in the countries of the Global South is a priority," Rouseff said.
The 16th BRICS Summit is scheduled for October 22-24. World leaders from more than 24 countries are expected, with delegations from over 30 nations, for one of the major economic, political and cultural events of the decade.
Russia has chaired BRICS since January 1, 2024. The group also expanded this year, growing in both size and influence to nearly half the world’s population and a third of the global economy.