SA is keen to ‘improve’ global finance, Pandor tells BRICS, while Russia talks sanctions-busting

Minister of International Relations and Cooperation Naledi Pandor. (Rodger Bosch/AFP)

The emerging new world order exemplified by BRICS needs a new financial system, Russia and South Africa agreed on Monday – but for different reasons.

Foreign ministers of the bloc, still named after Brazil, Russia, India, China and SA, are meeting in Russia for the first time since Egypt, Ethiopia, Iran and the United Arab Emirates joined the bloc.

South Africa “supports efforts to improve the stability of the international monetary and financial System, particularly through enhancing the interconnectivity of supply chains and payment systems to promote trade and investment among BRICS members and the broader global South,” said International Relations and Cooperation Minister Naledi Pandor.