Brics set to form bank to counter West-controlled World Bank-IMF
27 March 2013 2:39 AM GMT
Finance ministers of Brazil, Russia, India, China and South Africa have agreed on a Brics bank on the lines of the World Bank and International Monetary Fund (IMF) that will address the development needs of emerging and poor economies. ‘It’s done,’ South African Finance Minister Pravin Gordhan told reporters here after a meeting with his counterparts from the other four Brics countries — Brazil, Russia, India and China.
Finance Minister P Chidambaram is representing India at the meeting. ‘We made very good progress,’ announced Gordhan. He, however, left the finer details of the proposed institution to be announced by the Brics leaders — India is being led by Prime Minister Manmohan Singh — after their two-day summit concludes on Wednesday.
The proposal for a bank, with a collective foreign exchange reserve and a fund for financing developmental projects, was mooted to counter the influence of other global institutions like the World Bank and IMF, which are more tuned to pursuing policies set by the West. Tuesday’s meeting is reported to have accepted the recommendations of an expert committee set up in this regard.
The five-member bloc collectively accounts for about 40 per cent of the world’s population, 30 per cent of global land mass, 20 per cent of world gross domestic product in real terms and 26 percent of global purchasing power. (IANS)
Finance Minister P Chidambaram is representing India at the meeting. ‘We made very good progress,’ announced Gordhan. He, however, left the finer details of the proposed institution to be announced by the Brics leaders — India is being led by Prime Minister Manmohan Singh — after their two-day summit concludes on Wednesday.
The proposal for a bank, with a collective foreign exchange reserve and a fund for financing developmental projects, was mooted to counter the influence of other global institutions like the World Bank and IMF, which are more tuned to pursuing policies set by the West. Tuesday’s meeting is reported to have accepted the recommendations of an expert committee set up in this regard.
The five-member bloc collectively accounts for about 40 per cent of the world’s population, 30 per cent of global land mass, 20 per cent of world gross domestic product in real terms and 26 percent of global purchasing power. (IANS)
Next Story
