BRICS and Africa: navigating global economic turbulence

Photo: Flickr, GovernmentZA

On 24 July 2018, South African Finance Minister Mr Nhlanhla Nene will be opening a high-level conference on South Africa’s key finance track priorities for the BRICS Summit.

Joining the Minister will be the honourable Mr KV Kamath, the President of the New Development Bank (NDB), who will speak on the latest developments at the NDB.

This will be followed by a presentation by Governor of the Reserve Bank of South Africa, the honourable Mr Lesetja Kganyago, on South Africa’s key priorities related to the work of the IMF Policy Committee, and a presentation by the honourable Prof Victor Harison, Commissioner for Economic Affairs of the African Union, on how the BRICS can better support Africa’s finance and development finance priorities. The keynote panel will also reflect on the implications for African and developing countries of the changing global geo-economic context.

The 2018 BRICS summit, marks a milestone as it represents the first decade since the grouping’s first summit in Yekaterinburg, Russia, in 2009. Forged in the aftermath of the 2008 global finance crisis, the BRICS flagged two key cooperation priorities in the global economic governance terrain: first, an immediate focus on restoring global financial and economic stability, and second, the need for global economic governance reform to ensure greater representation of emerging markets in key global governance institutions alongside greater voice for developing countries. However, there are emerging challenges that threaten to unravel the rules-based multilateral international order.

The conference will conclude with a panel discussion that will consider perspectives from different BRICS countries on how to navigate the current wave of global turbulence, looking at what is next for the BRICS in its second decade.

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