BRICS economic partnership blueprint to be released in Ufa
June 17, 2015, 5:13 pm

The BRICS countries have also started consultations on establishing a multilateral payment system similar to SWIFT, the Russian Minister said on Wednesday [Xinhua]

Without revealing any details of the blueprint, the Russian Minister said it would “be one of the chief results of the summit”.

Last year the group set up a development bank to rival the IMF. It will have an authorized capital of $100 billion with each founding member contributing $10 billion.

The BRICS countries have also started consultations on establishing a multilateral payment system similar to SWIFT, the Russian Minister said on Wednesday.

“The idea is to create a multilateral payment system within the association, which would ensure greater independence, or rather, secure the BRICS countries against the risks related to arbitrary decisions in this area,” Ryabkov said in an interview to Russian state agency Sputnik.

Many countries, including Greece, have expressed interest in joining the new BRICS Bank.

Greece, in the midst of a spiraling financial crisis, is upping the ante on firming up eastern ties.

Greece’s Minister of Economy Giorgos Stathakis said on Wednesday Athens is keen to join the BRICS Bank.

“We are fully supporting the BRICS initiative, and we are investigating ways for Greece to get involved in this initiative that could be beneficial for both sides,” the minister said.

China’s Vice-Finance Minister Shi Yaobin indicated earlier this month that membership of the BRICS Bank will not be limited to the group’s five-member nations.

The Greek central bank warned on Wednesday that the country would be put on a “painful course” towards default and exiting the euro zone if the government and its international creditors failed to reach an agreement on an aid-for-reforms deal.

Greece owes a $1.7-billion loan repayment to the IMF by the end of June.

Greek Prime Minister Alexis Tsipras is traveling to Russia on Thursday when he will be a guest of honor at the St Petersburg International Economic Forum, Russia’s equivalent of Davos.

This year, the SPIEF is also hosting a BRICS Business meet where business leaders from Brazil, China, India and South Africa will discuss ways to boost trade and investment ties within the bloc.

TBP