BRICS Foreign Ministers to discuss Covid crisis on Tuesday

Sandeep Dikshit

Tribune News Service

New Delhi, April 25

While G-20 is at a standstill due to reported US-China dispute on the World Health Organisation, Foreign Minister S Jaishankar will participate in a conference of BRICS Foreign Ministers on April 28 to mount joint efforts to combat Covid.

All five countries are at different stages of the epidemic curve and besides the ongoing cooperation on this front, BRICS is also providing financial assistance. India has already availed $1 billion from the BRICS-founded New Development Bank (NDB) and has sought another tranche of $1 billion. Headed by former ICICI bank chief, KV Kamath, NDB is scheduled to open its regional offices in India and Russia this year.

With two test runs, the BRICS $100 billion Contingency Reserve Arrangement, meant to alleviate short-term balance of payment pressures, is an additional bulwark in addition to the IMF, against the sudden draining out of foreign exchange reserves.

The BRICS Foreign Ministers’ video conference was being deliberated for some time and was clinched after Russian Foreign Minister Sergei Lavrov spoke to his counterparts, including Jaishankar, during which the possibility of a trilateral Russia-India-China cooperation was also discussed.

Jaishankar to participate

• Foreign Minister S Jaishankar will participate in a conference to mount joint efforts to combat Covid
• India has already availed $1 billion from the BRICS-founded New Development Bank and has sought another tranche of $1 billion