Addis Ababa, September 13, 2026 (FMC) — Ethiopian Prime Minister Abiy Ahmed has put easier cross-border payments and greater use of local currencies on the BRICS economic agenda, highlighting their potential to lower costs and support trade among participating countries.
Addressing the 18th BRICS Leaders’ Summit in New Delhi, Prime Minister Abiy said Ethiopia’s experience with major economic reforms and external debt restructuring had given it a direct perspective on the pressures faced by economies navigating financial constraints.
“We have undertaken major economic reforms. And we are restructuring our external debt,” he said, before underscoring the cost of prolonged pressure on an economy.
“For any economy, under pressure, time is a cost,” Prime Minister Abiy said.
He stressed the need for debt resolution mechanisms that are faster, more transparent and more predictable, while also arguing that representation in global financial institutions should lead to better outcomes.
“Debt resolution needs to be faster, more transparent and more predictable,” he said.
Against this broader financial backdrop, Prime Minister Abiy identified practical areas where BRICS cooperation could help reduce the costs of international trade.
“Within BRICS, we can make cross-border payments easier and expand the use of local currencies where this lowers costs and supports trade,” he said.
The proposal places payment systems and currency arrangements alongside debt resolution and representation as part of a wider discussion on the international financial system.
For Ethiopia, Prime Minister Abiy’s remarks draw on the country’s ongoing economic reform experience while positioning BRICS cooperation as an avenue for addressing practical barriers to trade and financial transactions.
His intervention also connected financial cooperation with the broader economic value of BRICS, where countries can work together to reduce transaction costs and facilitate greater trade across their markets.
The Prime Minister’s remarks thus combined Ethiopia’s experience with debt restructuring with a broader emphasis on making financial cooperation more practical, predictable and supportive of trade within the BRICS partnership.