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BRICS States Has Committed To Create A Special Fund Of $15 Billion To Rebuild Their Economies

The BRICS states have decided to commit to creating $15 billion to fund the aid, rebuild covid-19 destroyed economies. This decision was made during a conference meeting of foreign ministers of BRICS states. The conference was a video conference and was convened by the current chair, Russia. The BRICS consist of Brazil, Russia, India, China and South Africa.

The $15 billion raised is to rebuild their economies. The announcement was made by Russian foreign minister Sergey Lavrov. The global economy has been shaken due to the coronavirus pandemic. The meeting which was held on Tuesday had India pitch in for mitigating the impact of Covid-19 on economies. The BRICS altogether constitute about 43% of the population of the whole world. The Russian foreign minister Sergey Lavrov said “we decided to set up a special loan instrument to finance projects for the economic rebuilding of BRICS countries”, and also added that it is a good foundation and that the economies leave the crisis behind. A New Development Bank was recently established to mobilize resources for sustainable development projects.

Another meeting is expected to hold on Wednesday and healthcare expert are to hold on May 7 S. Jaishankar, external affairs minister also spoke of India’s effort to respond to Covid-19 in south Asia. Currently, India is providing pharmaceutical help to nearly 85 countries. He said, “underlined all the more need for reform of multilateral systems”.

Besides Lavrov and Jaishankar, Chinese foreign minister Wang Yi, Brazil’s foreign minister Ernesto Araujo and South Africa’s foreign minister Grace Naledi Pandor were present at the video conference. Lavrov also said that the common opinion of BRICS states is that the UN health body is very essential. On the allegations that Russian has been spreading wrong information on the Covid-19 with China. Lavrov confirmed that the “allegations are baseless”.

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