By CGTN’s Lin Nan

Finance ministers and central bank governors from BRICS nations are holding talks in Shanghai on Monday. Discussions are expected to focus on the global economic outlook, coordination with G20 nations, as well as enhancing practical cooperation between BRICS members. 

In an exclusive interview, Kundapur Vaman Kamath, the president of the New Development Bank, spoke with CGTN's Lin Nan about the bank's role in strengthening ties among BRICS countries, and about the current global economic outlook.

CGTN Photo

“Coming together of the BRICS countries was a very important signal - that the countries that were just emerging from development stage, wanted to make a statement, that we now are a strong global constructor as well,” he said.

In the last BRICS Finance Ministers meeting, China advocated that the five countries should implement "responsible economic policies" to reduce "negative spillovers." K. V. Kamath thought it was particularly important now.

CGTN Photo‍

“If you look at the last one year, the volatility that has been caused by economic policies in the global context, is visible for everybody. This is a result of a violent moment of exchange rate, a violent moment of interest rate in emerging countries. That’s why it is a call that we have to follow economic policies. Not just financially, but economic policies which caused these problems.”