Support The Moscow Times!

BRICS Forms Bank Group

WASHINGTON — The BRICS countries — Brazil, Russia, India, China and South Africa — plan to form a working group on the creation of a joint development bank, Deputy Finance Minister Sergei Storchak said Friday, Interfax reported.

The working group will consist of "representatives of finance ministries and central banks, who should come to more specific proposals for substantive initiatives," Storchak said. The working group will address issues such as corporate governance, the structure of the bank, the procedure for decision making and its staff.

In addition, BRICS finance ministers discussed transfer pricing in Washington after India made a proposal to encourage more detailed consideration of the issue, Storchak said.


Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.