Sri Lanka’s application to join BRICS has not been rejected, according to the Foreign Ministry. The government maintained that its desire to join the New Development Bank was welcomed by its president, pointing to Sri Lanka’s commitment to enhancing international financial relations.
The Foreign Ministry of Sri Lanka has clarified that the country’s application to join BRICS has not been rejected, countering local media reports suggesting otherwise. Concurrently, Sri Lanka’s pursuit of membership in the New Development Bank (NDB) has received favorable remarks from the NDB’s president, highlighting a positive outlook for the nation’s international financial partnerships. The NDB, established by BRICS nations, facilitates development funding through its multilateral framework, further integrating member countries into a global economic dialogue.
BRICS, an acronym for Brazil, Russia, India, China, and South Africa, is a coalition of emerging economies aiming to enhance their international collaboration in finance and development. Since its formation, BRICS has encouraged membership expansion to include new nations seeking economic development opportunities. Sri Lanka’s pursuit of BRICS membership is part of its strategy to strengthen international ties and access new funding avenues for development projects through the New Development Bank, which serves as a financial institution for the member states.
In summary, Sri Lanka’s application for BRICS membership remains open and has not been denied. The positive reception of Sri Lanka’s interest in joining the New Development Bank signals potential growth in its international financial engagements, aligning with the broader goals of BRICS in fostering economic collaboration among its member nations.
Original Source: economictimes.indiatimes.com
