BRICS Nations Propose $15 Billion Loan Instrument to Rebuild Coronavirus-hit Global Economy

New Delhi: Foreign ministers of BRICS countries – Brazil, Russia, China, India and South Africa – have offered a $15 billion loan instrument to support the rebuilding of the global economy that has been completely shaken due to the COVID-19 pandemic.

Russian Foreign Minister Sergey Lavrov made the announcement after a virtual meeting with his counterparts from BRICS nations on Tuesday. India pitched strongly for mitigating the impact of the pandemic on economies.

External Affairs Minister S Jaishankar said economic activity across sectors has been negatively impacted leading to a loss of jobs and livelihoods. He said there was a need to support businesses and especially micro, small and medium enterprises (MSMEs).

The BRICS countries together constitute nearly 42% of the world’s population and according to Indian officials, the nations have an important role to play in shaping the world economy and political structure.

India has also asked the other BRICS countries to help recognise the power of traditional medicines like Ayurveda and yoga in helping build immunity.

Meanwhile, Lavrov rejected allegations that his country has been spreading misinformation on the coronavirus along with China. “There are no facts. These allegations are baseless,” he said.

Clearly alluding to the US, he further said the countries that are making such allegations are “trying to cover up its internal problems”.

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