BRICS New Development Bank, a gamechanger
Bidhu Bhushan Palo | @TheDollarBiz (L-R) Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, Brazil's President Dilma Rousseff, Chinese President Xi Jinping, and South African President Jacob Zuma Last week, the BRICS forum, comprising five emerging economies - Brazil, Russia, India, China and South Africa – announced that a New Development Bank (NBD) will be formed with an initial authorised capital and an initial subscribed capital of $100 billion and $50 billion respectively, which would be equally shared among founding members. This was not really a “shock and awe” moment, but the implications are larger than they seem. The World Bank and the IMF claim that they are “twin intergovernmental pillars supporting the structure of the world's economic and ...
