Modi also hailed the success of BRICS Development Bank, which is an attempt to challenge the influence of western-dominated institutions such as the World Bank and the International Monetary Fund. Meanwhile, Chinese President Xi Jinping said that the global economy is making a treacherous recovery. He said new challenges rooted in both internal and external factors are hindering development of the bloc. The statements were delivered after leaders of Brazil, Russia, India, China and South Africa held a restricted meeting in the western Indian state of Goa. The summit focused on economic cooperation and fight against terrorism among other topics.