The BRICS countries are developing a strategy to deal with the risks to the global economy that have emerged as a result of large debts and budget deficits in Western countries, Russian Finance Minister, Anton Siluanov, said in an interview with Sputnik.
Recalling the meetings of the financial G8, the minister noted that unlike in BRICS, there was no complete trust in G8.
"On the contrary, we try to coordinate our positions by participating in the G20. We are discussing the global economy, the risks associated with large debts of Western countries, budget deficits, and developing our own strategy of action in these conditions," he said.
The West is violating its own principles of debt limitation, budget deficit and free trade. Double standards have already moved from politics to economics, Siluanov underlined.
According to him, the BRICS countries are pursuing a more balanced budget policy, so the stability of the economies is significantly better.
"It is more stable than in Western countries. Most Western countries have debts already over 100% of GDP, and the BRICS countries have this figure, as a rule, below 60%," the minister highlighted.
Russia will promote the topic of improving the BRICS settlement and payment system and is ready to test payments in digital currencies with China, the Eurasian Economic Union (EAEU), and the Gulf countries, the minister added.
"The agenda that we will promote within the framework of our chairmanship is the improvement of the financial, settlement and payment system, which in the current conditions of fragmentation, would be convenient and safe for trade participants within the BRICS. The system [that will be] outside of politics, independent of Western unfriendly infrastructure," Siluanov said.
He also revealed that it was proposed to create "a BRICSBridge system, which, based on the BRICS institutions, would be available to our countries and would ensure the proper level of equality and would contribute to the development of trade relations."
On January 1, Russia assumed the chair of BRICS for the year 2024. The meeting of BRICS countries' finance ministers and heads of central banks within the framework of the financial G20 will be held this week in Brazil, where the official transfer of the Russian presidency will take place.