Lula Calls for BRICS Payment Innovation

Brazilian President Lula da Silva urged BRICS nations to establish alternative payment systems, highlighting the New Development Bank as a substitute for traditional institutions. Despite his absence from the summit in Russia due to an injury, Lula participated via video conference to advocate for financial innovation.

In a bold statement, Brazilian President Luiz Inacio Lula da Silva called on BRICS nations to develop new payment systems among themselves, aiming to reduce dependency on traditional financial institutions.

Speaking via video conference at the BRICS summit, Lula emphasized the role of the New Development Bank in offering alternatives to what he described as the faltering Bretton Woods institutions.

Lula was set to attend the summit in person but had to cancel his trip to Kazan, Russia, following a head injury over the weekend.

(With inputs from agencies.)