03/30/2012, 00.00
Send to a friend

Emerging countries (BRICS) demand greater representation: an alternative to the Bank World Bank

Brazil, Russia, India, China, South Africa together constitute 28% of the world economy and 56% of total economic growth. They are asking to be better represented in the IMF and World Bank, led by Europe and the U.S.. Launch of development bank, managed and financed by BRICS for developing countries. Call for peace and an end to violence in Syria and more dialogue for the situation in Iran to keep it from sliding into an open conflict.

New Delhi (AsiaNews / Agencies) - The five most important emerging countries must to be considered more in the world economy, dominated by the U.S. and Europe and are planning the launch of a bank to fund developing countries, which would compete with the World Bank and the Asian Development Bank.

The meeting held in the Indian capital among the leaders of Brazil, Russia, India, China, South Africa (in short: BRICS), ended yesterday with a statement in which, while showing concern for the global economic situation and willingness to help Europe to overcome the crisis, emerging countries demand that their voice count for more in the international financial structures, such as the International Monetary Fund (IMF, whose president is always a European) and the World Bank (whose president is always an American).

The Brics want more representation in the Bank and the IMF, and demand that their leaders are chosen on merit and not according to nationality (U.S. or European). Manmohan Singh, Indian Prime host, said that "institutions of global political and economic government created more than 60 years ago are outdated compared to a changing world".

The BRICS countries now account for 28% of the global economy. And next year will produce more than 50% of global wealth. The Brazilian leader Dilma Rousseff said that the BRICS were "the most important driver of the global economy over the past five years. Together we will be responsible for more than half of the growth for 2012, 56%, according to the IMF."

Singh has clarified that for this reason, the BRICS are considering "the proposal of a development bank for South-South relations, funded and administered by the BRICS and other developing nations."

The South African president, Jacob Zuma, praised the idea of a BRICS development bank, which could bring hope to many African countries that "are excluded from the mainstream of world development."

The Delhi Declaration also focuses on the situation of Syria and Iran, stressing that "the stability, peace and security in the Middle East and North Africa are vital to the international community."

For Syria, the BRICS "call for the immediate cessation of all violence and human rights violations" for Iran, they stress the importance of dialogue, to avoid the situation to " escalate into conflict, the disastrous consequences of which will be in no one's interest. "

India and China are among the major oil partners of Iran and are in trouble because of new U.S. sanctions against Tehran, blocking financial transactions, making oil payments difficult.


Send to a friend
Printable version
See also
Growing unemployment in the Philippines, also due to corruption and waste
Korean Jim Yong Kim, head of the World Bank, in the "war" of the loans
BRICS challenging Western economic and political governance over the world
Emerging BRICS nations establish New Development Bank
Christine Lagarde, candidate for India and China to the International Monetary Fund


Subscribe to Asia News updates or change your preferences

Subscribe now
“L’Asia: ecco il nostro comune compito per il terzo millennio!” - Giovanni Paolo II, da “Alzatevi, andiamo”