Foreign Ministers of the BRICS (Brazil, Russia, India, China, South Africa) nations held a virtual meeting on Tuesday to discuss the impact of the crisis caused by the coronavirus pandemic and decided to set up a $15 billion fund for member nations to revive the economy.
The leaders exchanged views on possible joint measures to be taken by the member states to counter COVID-19 and overcome the financial, trade, economic and social consequences of the coronavirus pandemic.
“We decided to set up a special loan instrument to finance projects of economic rebuilding of BRICS countries. In total, we decided to allocate up to the US $15 billion. This can be a very good foundation to revive the economic activities,” announced foreign minister Lavrov, who initiated the thought of meeting, during the media interaction.
Jaishankar also asserted that the current situation could cause a serious “disruption” to supply chains and employment.
“Economic activity across sectors has been negatively impacted leading to loss of jobs and livelihoods. He emphasized that we need to provide support to businesses, especially MSMEs, to tide over the crisis and ensure livelihoods are not lost,” said the MEA statement.
It was also mentioned in the meeting the measures taken up by the Indian Government such as Arogya Setu Citizen App and Pradhan Mantri Garib Kalyan Package. Not to forget India is also helping in supplying the medication to over 85 nations around the world which may help in reducing the effects of this Covid 19.
Even China and Russia have played its part and are actively funding the countries or WHO when it’s the need. Considerate of these times where every nation is helping the other one will not be forgotten in the near future.
During the meeting, the foreign ministers had an in-depth exchange of views on safeguarding multilateralism, fighting against COVID-19, and advancing BRICS cooperation. They agreed to deliver information and experience sharing, initiate collaboration in the research of drugs and vaccines, contribute to global public health security, and minimize negative effects of the coronavirus pandemic.