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BRICS nations call for more representation to emerging markets

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Xiamen (China), Sep 4 (IANS) The BRICS nations have called for a global economic architecture reflective of the present landscape giving more representation to the emerging markets and developing countries.

The declaration adopted at the ninth BRICS summit here emphasised the importance of an open and resilient financial system for sustainable growth and development.

“We resolve to foster a global economic governance architecture that is more effective and reflective of the current global economic landscape, increasing the voice and representation of emerging markets and developing economies,” it said.

The BRICS reaffirmed their commitment to conclude the International Monetary Fund’s (IMF) 15th General Review of Quotas, including a new quota formula, by the 2019 Spring Meetings and no later than the 2019 annual meetings.

“We will continue to promote the implementation of the World Bank Group Shareholding Review.”

The countries agreed to better leverage the benefits of capital flows and manage the risks stemming from excessive cross-border capital flows and fluctuation.

The declaration said the BRICS Contingent Reserve Arrangement (CRA) represents a milestone of the bloc’s financial cooperation and development, which also contributes to global financial stability.

“We welcome the establishment of the CRA System of Exchange in Macroeconomic Information (SEMI), and the agreement to further strengthen the research capability of the CRA, and to promote closer cooperation between the IMF and the CRA.

The declaration welcomed the establishment of the New Development Bank (NDB) Africa Regional Centre launched in South Africa, which is the first regional office of the Bank.

“We encourage the NDB to fully leverage its role and enhance cooperation with multilateral development institutions, including the World Bank and the Asian Infrastructure Investment Bank, as well as with the BRICS Business Council, to forge synergy in mobilising resources and promote infrastructure construction and sustainable development of BRICS countries.”

Prime Minister Narendra Modi, in his intervention at the plenary session of the summit, said that the central banks of the five BRICS countries – Brazil, Russia, India, China and South Africa – must further strengthen their capabilities and promote cooperation between the CRA and the IMF.

Modi said the NDB has started disbursing loans in pursuit of its mandate to mobilise resources for infrastructure and sustainable development in BRICS countries.

“At the same time, our central banks have taken steps to make the CRA fully operational. These are milestones of progress we can build upon,” he said.

Modi also said that affordable, reliable and sustainable access to energy is crucial for the development of the emerging markets.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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