28. We note with satisfaction the progress in BRICS cooperation in such fields as audit, statistics and export credit and agree to further advance cooperation in these fields.
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Global Economic Governance
29. We resolve to foster a global economic governance architecture that is more effective and reflective of current global economic landscape, increasing the voice and representation of emerging markets and developing economies. We reaffirm our commitment to conclude the IMF's 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.
30. We emphasize the importance of an open and resilient financial system to sustainable growth and development, and agree to better leverage the benefits of capital flows and manage the risks stemming from excessive cross-border capital flows and fluctuation. The BRICS CRA represents a milestone of BRICS 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.
31. We welcome the establishment of the NDB Africa Regional Center launched in South Africa, which is the first regional office of the Bank. We welcome the setting up of the Project Preparation Fund and the approval of the 2nd batch of projects. We congratulate the Bank on the ground-breaking of its permanent headquarters building. We stress the significance of infrastructure connectivity to foster closer economic ties and partnerships among countries. 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 mobilizing resources and promote infrastructure construction and sustainable development of BRICS countries.
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