BRICS Countries Want Own Institutions And Own Voice

30 March 2012 16:00 - Jack Stupple

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BRICS Countries Want Own Institutions And Own Voice

Brazil, Russia, India, China and South Africa, coming under the name of BRICS, met at a summit in Delhi yesterday. They criticized the West for financial mismanagement and called to a “merit-based” selection of the next World Bank chief. They also disapproved of the slow pace of reforms in the International Monetary Fund and said that negotiations were the only way to a peaceful resolution in Iran and Syria. The BRICS countries were determined in their frustration to set up their own development bank, with an eventual view to creating an alternative to the IMF and lessening their dependence on the dollar as a reserve currency.

Official have said that details of initiatives still need to be agreed. Sudhir Vyas, a senior Indian foreign ministry official, said that the BRICS would have to determine how the bank would be structured and capitalised. He said such an ambitious project would take time and that, “We don’t set up a bank every ordinary day.” The leaders are expected to sign agreements allowing their individual development banks to extend credit to other member in their local currencies, a step towards replacing the dollar as the main unit of trade between them.

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