Brasilia - The BRICS group of emerging powers will launch its own development bank at a summit next week, using its growing influence to establish a counterweight to Western-dominated financial organisations. For the fund, China will make the biggest contribution, $41 billion, followed by $18 billion from Brazil, India and Russia and $5 billion from South Africa. “The BRICS want to create alternatives, a type of global monetary policy more in tune with the realities of emerging countries,” Andre Perfeito, chief economist at Gradual Investimentos consultancy, told AFP. I wonder if our regional politicos and thinkers are paying attention to these developments.
Posted on: Sun, 13 Jul 2014 02:36:12 +0000
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