BRICS and new strategies for economic action

The BRICS countries are developing a strategy to deal with the risks to the global economy that have emerged as a result of large debts and budget deficits in Western countries.

The minister recalled his experience of participating in financial G8 meetings. “Eight” – that was a long time ago. At meetings of the Ministry of Finance in such formats, Westerners did not discuss all issues with the Russian side. There was a separate agenda with Russia and an agenda without. There was no complete trust,” he admitted.

This is not the case at BRICS meetings, Siluanov said. “On the contrary, we are trying to coordinate our positions by participating in the G20. We are discussing the world economy, the risks associated with the large debts of Western countries, budget deficits, and developing our own strategy for action in these conditions,” the head of the Ministry of Finance said.

According to him, he has personal contact with his BRICS colleagues. “Good relations have developed with our Chinese colleagues. An inter-ministerial dialogue was held with the new Minister of Finance, Mr. Lan Foan. Business relations have also been built with the Ministry of Finance of India,” he added.