Sri Lanka’s BRICS Membership Application Not Rejected, Confirms Foreign Ministry
Sri Lanka’s application to join BRICS has not been rejected, according to the Foreign Ministry. The president of the New Development Bank welcomed Sri Lanka’s intention to join, reflecting a positive movement in international economic relations for the country.
The Foreign Ministry of Sri Lanka has clarified that the country’s application to join BRICS has not been rejected, contrary to local media speculation. This clarification comes in light of reports suggesting that Sri Lanka’s efforts to attain membership had encountered obstacles. In addition, Sri Lanka’s intention to join the New Development Bank (NDB), a financial institution established by BRICS nations, received affirmation from the president of the bank, marking a positive step in Sri Lanka’s international financial engagements.
BRICS is an economic alliance originally formed by Brazil, Russia, India, and China, which later included South Africa in 2011. The bloc is focused on fostering economic cooperation, facilitating development, and creating an alternative to Western-dominated financial structures. The New Development Bank serves to finance infrastructure and sustainable development projects in BRICS and other emerging economies, highlighting the significance of membership in both BRICS and the NDB for countries seeking to enhance their developmental initiatives.
In conclusion, Sri Lanka’s application for BRICS membership remains under consideration, as stated by the Foreign Ministry. With the president of the NDB expressing support for Sri Lanka’s interest in joining the bank, there exists an optimistic outlook for the nation’s aspirations to strengthen its ties with the BRICS group.
Original Source: economictimes.indiatimes.com
