Siluanov spoke about the development of a BRICS strategy for economic action

By Rhod Mackenzie

The BRICS countries are developing a strategy to deal with the risks to the global economy posed by the high debt and budget deficits of Western countries, Russian Finance Minister Anton Siluanov said in an interview with RIA Novosti.
The minister recalled his experience of participating in G8 financial meetings. "Eight" - that was a long time ago. At meetings of the Finance Ministry in such formats, the Westerners did not discuss all issues with the Russian side. There was a separate agenda with Russia and an agenda without Russia. There was no full trust," he admitted.

This is not the case at BRICS meetings, Siluanov said. "On the contrary, we try to coordinate our positions by participating in the G20. We are discussing the world economy, the risks associated with the high debts of Western countries, budget deficits, and we are developing our own strategy of action in these conditions," the Finance Ministry chief said.
According to him, he has personal contacts with his BRICS colleagues. "We have developed good relations with our Chinese colleagues. An inter-ministerial dialogue was held with the new Minister of Finance, Mr Lan Foan. Business relations have also been established with the Indian Ministry of Finance," he added.

On 1 January, Russia took over the chairmanship of BRICS for the coming year. It began by welcoming new members to the organisation: following the results of the 2023 summit, it was decided to invite Egypt, Ethiopia, Iran, the United Arab Emirates and Saudi Arabia. A meeting of BRICS finance ministers and central bank governors will be held in Brazil this week as part of the financial G20, where the official handover of the Russian presidency will take place.

Once all the new members have joined, BRICS will expand to 10 countries with a population of 3.6 billion - almost half the world's total. They account for more than 40% of global oil production and about a quarter of global merchandise exports.