The annual summit meeting of the BRICS nations will be held on July 6-7 in Rio de Janeiro, Brazil, and key preparatory meetings are being held over the weekend. The Finance Ministers are scheduled to meet on July 5, and the New Development Bank (NDB), often referred to as the BRICS bank, held the annual meeting of its board of directors on July 4, celebrating its tenth year of existence.
Russian Foreign Minister Anton Siluanov also took up the role the BRICS should play in devising a new financial system, in a speech to the NDB meeting. According to an article in Brazil’s leading financial daily, Monitor Mercantil “the Russian minister stated that the financial assets of the BRICS countries are over 50% of the world total … and are more that $60 trillion.… Siluanov stated that, in this situation, the model of the bank changes from a bank of the BRICS countries to a bank of the Global South.”
