The finance ministers of the BRICS countries have failed to agree on key issues related to the creation of the BRICS Development Bank, Russian Finance Minister Anton Siluanov told journalists on Tuesday. Siluanov said that the finance ministers could not agree on separate issues such as the amount of capital and the size of contributions to be made by each country. "The sides also failed to reach a consensus on the principles of governance: whether it should be carried out on equal terms or be proportionate to the size of contributions made by each of the BRICS states,” Siluanov explained. The minister said that a place for the bank’s future headquarters had not been chosen either. “I can only say that Russia doesn’t claim that the bank be necessarily located in its territory. We certainly understand that other countries could be more interested,” the Russian finance minister said. He believes it would be premature to talk about the headquarters’ location so long as the key issues remain unsolved. “We agreed to work further. The decision will be made, if it is to be made, at the level of the heads of state,” Siluanov went on to say. The most important thing, the minister said, is to decide where to find resources for the project. He explained that the initially proposed capital size was 10 billion dollars. “It’s going to be 2 billion dollars for each member if divided by five. It’s big money. It’s going to be hard for us to debate this issue in parliament. I think that all the other states will also have this problem,” Siluanov emphasized.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor