This site uses cookies. By accepting cookies you can optimise your browsing experience. Read more.
South Africa: BRICS to establish rival to World Bank and IMF00:40

South Africa: BRICS to establish rival to World Bank and IMF

South Africa, Durban
March 27, 2013 at 08:19 GMT +00:00 · Published

South Africa: BRICS to establish rival to World Bank and IMF

Indian Prime Minister Manmohan Singh met with Russian President Vladimir Putin on Tuesday at the fifth annual BRICS summit in Durban. The two were joined by leaders of Brazil, China and South Africa. At the summit on Tuesday, the five developing economies agreed to launch their own development bank that would rival Western-backed organisations, such as the World Bank and International Monetary Fund.

Before the meeting, Singh said BRICS leaders would seek to strengthen trade ties and find ways of reviving growth and ensuring sustainable development. They see the establishment of a new development bank as a step towards these goals. The new organisation is expected to concentrate on financing infrastructure, a role the World Bank is heavily involved in. The BRICS say the World Bank and IMF do not represent their interests as well as they could, hence the deal to create their own, rival organisation. BRICS leaders also discussed introducing currency swap lines valued at around $100bn (€78bn), to use during liquidity crises and to boost trade.

Singh is due to hold bilateral talks Wednesday with China's new president Xi Jinping, who was in Durban for the two-day meeting -- his first summit as president. The Indian Prime Minister is also expected to hold bilateral meetings with African leaders on the sidelines of the summit.

Together, the BRICS account for around one-quarter of global economic output, an amount expected to grow over the coming decades. Their combined populations account for over 40% of the world's total.

South Africa: BRICS to establish rival to World Bank and IMF00:40
Pool for subscribers only
Restrictions

NONE

No Account? Sign up!
Top downloads in last 24 hours
Show more
Description

South Africa: BRICS to establish rival to World Bank and IMF

Indian Prime Minister Manmohan Singh met with Russian President Vladimir Putin on Tuesday at the fifth annual BRICS summit in Durban. The two were joined by leaders of Brazil, China and South Africa. At the summit on Tuesday, the five developing economies agreed to launch their own development bank that would rival Western-backed organisations, such as the World Bank and International Monetary Fund.

Before the meeting, Singh said BRICS leaders would seek to strengthen trade ties and find ways of reviving growth and ensuring sustainable development. They see the establishment of a new development bank as a step towards these goals. The new organisation is expected to concentrate on financing infrastructure, a role the World Bank is heavily involved in. The BRICS say the World Bank and IMF do not represent their interests as well as they could, hence the deal to create their own, rival organisation. BRICS leaders also discussed introducing currency swap lines valued at around $100bn (€78bn), to use during liquidity crises and to boost trade.

Singh is due to hold bilateral talks Wednesday with China's new president Xi Jinping, who was in Durban for the two-day meeting -- his first summit as president. The Indian Prime Minister is also expected to hold bilateral meetings with African leaders on the sidelines of the summit.

Together, the BRICS account for around one-quarter of global economic output, an amount expected to grow over the coming decades. Their combined populations account for over 40% of the world's total.