IMF's Georgieva Responds to Proposed BRICS Payment System

IMF Managing Director Kristalina Georgieva commented on the proposed BRICS cross-border payments system, stating she requires further details to assess its implications. At a recent summit, BRICS countries discussed collaboration on payments and other projects. Georgieva emphasized that IMF members, despite varied alliances, support the IMF.

International Monetary Fund Managing Director Kristalina Georgieva expressed cautious interest in the proposed BRICS cross-border payment system, emphasizing the need for further details before assessing its potential impact.

At the recent BRICS summit in Russia, leaders from Brazil, Russia, India, China, and other allied nations committed to projects including cross-border payments and a grain exchange.

Georgieva, while acknowledging the initiative as not new, underscored the importance of understanding details before evaluating its implications. She reaffirmed that despite different groupings, all IMF members remain supportive of the institution.

(With inputs from agencies.)