Joint website of the Ministries of Foreign Affairs of the BRICS member States
Brazil
Luis Inacio Lula da Silva
The President of Brazil
Russia
Vladimir Putin
President of the Russian Federation
India
Narendra Modi
Prime Minister of India
Сhina
Xi Jinping
President of the People's Republic of China
South Africa
Cyril Ramaphosa
The President of South Africa
Egypt
Abdel Fattah el-Sisi
President of Egypt
Ethiopia
Abiy Ahmed Ali
Prime Minister of the Federal Democratic Republic of Ethiopia
Iran
Massoud Pezeshkian
The President of Iran
UAE
Mohammed bin Zayed Al-Nahyan
President of the UAE
Indonesia
Prabowo Subianto
President of Indonesia
Dilma Criticizes the “Unfair” Global Financial System and Highlights the Rise of BRICS as an Engine of Transformation
The head of the BRICS Bank confirms that the trend is to increase the weight of the bloc of emerging countries in the global economy
Thursday, February 29, 2024

The head of the New Development Bank (NBD), also known as the BRICS Bank, Dilma Rousseff, criticized the current global financial system and highlighted the rise of the emerging bloc as a factor that could reverse what she called “injustice.”

“The power of the BRICS countries has already grown rapidly, which is a good basis for understanding the power that underpins multilateralism. Measured in terms of purchasing power parity, the BRICS countries already account for 31.5% of global GDP, surpassing the G7 countries,” Dilma said during her speech at the World Government Summit. In Dubai, United Arab Emirates, where she was one of the prominent guests, representing 30.8%.

She stated that the trend is to increase the weight of the BRICS group in the global economy. “Even with the difficulties related to the unfair international financial system and the large debts of developing countries, the IMF figures are a good example of this new trend,” he said.

On January 1, Egypt, Ethiopia, Iran, the United Arab Emirates and Saudi Arabia officially became full members of the BRICS. Before that, the bloc consisted of Brazil, Russia, India, China and South Africa.

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