BRICS nations have decided to come together and ail their Coronavirus-hit economies. Indian Foreign Minister S. Jaishankar emphasized on supporting the MSME sector, whereas Russia was caught up in clearing its name from accusations of colluding with China in the misinformation campaign. Complete Coverage: Coronavirus
Crux of the Matter
Economies Huddle Up Through a virtual meeting, BRICS nations announced a $15 billion fund. It will be used to set up a special loan instrument that will lend to BRICS nations for rebuilding their economies. This meeting was attended by Foreign Ministers of the BRICS nations. India’s FM Sitharaman proposed to set up a $10 bn fund by New Development Bank (NDB) to support BRICS nations. This bank was set up by BRICS nations in 2014. NDB expedited the process of providing financial assistance of $1 bn to India. Asian Development Bank (ADB) also announced a $1.5 bn support to provide protection to vulnerable sections of India.
About BRICS BRICS was formed in 2009. It stands for and constitutes for the emerging economies of Brazil, Russia, India, China, and South Africa. They constitute nearly 42% of the world population. These developing nations play an integral part in shaping the world economy and politics.
Other Statements
BRICS nations were of the common opinion that WHO was an important platform that gathers facts and has the best professionals including from the US. Allegations against Russia for spreading misinformation about the Coronavirus along with China are rejected. Countries that made such allegations are trying to cover up their internal problems. Sergey Lavrov, Russian Foreign Minister
Economic activity across sectors has been negatively impacted leading to loss of jobs and livelihoods. We need to provide support to businesses, especially MSMEs to tide over the crisis and ensure livelihoods are not lost. Also, adopt traditional medicines like Yoga and Ayurveda for building immunity of citizens. S. Jaishankar, Indian Foreign Minister
Curiopedia
Originally formed as BRIC, a year after its formation, South Africa was added in 2010 making the acronym BRICS.
The term “BRIC” is believed to be coined in 2001 by then-chairman of Goldman Sachs Asset Management, Jim O’Neill, in his publication Building Better Global Economic BRICs. But, it was actually coined by Roopa Purushothaman who was a Research Assistant in the original report. In 2017, TATA Sons appointed Roopa as its chief economist and head of policy advocacy.
Late Rishi Kapoor’s debut film “Mera Naam Joker” is one of the most-watched and celebrated foreign films in Russia. The movie was released in Russia when the economy closed its doors for western cinema and the government regulated what its people would see.
Curated Coverage
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