BRICS countries commit to enhanced collaboration in the financial sector

BRICS countries are committed to strengthening their institutions and enhancing collaboration in infrastructure and financial cooperation, South Africa's National Treasury said in a document sent to media on Friday.

This is according to the 2018 BRICS Finance and Central Banks Outcomes Document (the Outcomes Document) published by the National Treasury.

The Outcomes Document was jointly produced by BRICS Ministers of Finance and Central Bank Governors in order to take stock of the outcomes achieved under the "BRICS in Africa: Collaboration for Inclusive Growth and Shared Prosperity in the 4th Industrial Revolution".

The National Treasury said in the Outcomes Document that in the course of South Africa's BRICS Presidency, the National Treasury and the South African Reserve Bank co-chaired the BRICS Finance Track which is responsible for the coordination of work by member countries on economic and financial sector initiatives.

Finance Ministers and Central Bank Governors agreed to reinforce institutional frameworks of the New Development Bank (NDB), increase and diversify the development of projects across the bank's regions and member countries.

"BRICS countries continue to emphasize the need to remain vigilant in guarding against inward-looking policies and developments that are weighing on global growth prospects and market confidence in emerging market and frontier economies," said the Treasury in a statement.

According to the Outcomes Document, the BRICS countries are committed to communicate their macroeconomic and structural policies in a clear manner and work towards strengthening policy coordination. They advocated for the continued use of fiscal, monetary and structural policies to forge strong, sustainable, balanced and inclusive growth.