BRICS Members Resolve To Set Up A Special Fund Of $15 Billion In A Collaborative Effort Against COVID-19

Strengthening the collaborative fight against COVID-19, members of the BRICS grouping has resolved to set up a $15 billion special fund to rebuild the respective member economies from the devastation unleashed by COVID-19 pandemic, reports Hindustan Times.

The major decision was taken at a video-conference meeting of the foreign ministers of the member nations held yesterday (28 April) under the present chairmanship of Russia. India was represented in the meeting by External Affairs Minister S Jaishankar.

The special find will be set up through the New Development Bank which had been established by BRICS. It would mobilise resources for infrastructure and sustainable development projects.

Apart from the creation of special fund, BRICS member nations also discussed a host of measures ranging from healthcare to trade and financial sustainability, which are all areas in which the BRICS nations could abide by a common approach to fight the pandemic.

In a followup to the meeting held yesterday (28 April) and to further the collaborative agenda against the pandemic, another virtual meeting will be held today which will witness participation from economic experts of the member nations. Thereafter, another virtual meeting will be held on 7 May in which healthcare experts will take up relevant matters.

BRICS grouping comprises Brazil, Russia, India, China and South Africa and is home to a whopping 42 per cent of the global population.