Could BRICS Create a Rival to the IMF and World Bank?
BRICS is looking at alternatives to the IMF and the World Bank, citing the two being biased toward the West. Before diving in, let’s understand what these two organizations do. The International Monetary Fund (IMF) oversees global development, ensuring the stability of the financial system. The IMF monitors international economic policies and promotes financial stability. On the other hand, the goal of the World Bank is to develop poor nations and reduce poverty in the short and long term. They provide financial and technical assistance to help countries develop. Why Is BRICS Dissatisfied with the IMF and World Bank? Source: Watcher.Guru The BRICS alliance calls the IMF and World Bank the Western-led financial institutions. The voting powers in both organizations heavily favor the US and Europe. When the IMF disburses loans to developing countries, it comes with policy demands and unpopular opinions. The bloc claims bias, accusing the institutions of pushing Western ideology and p...