BRICS Say No to IMF and World Bank: What Next?
Are the World Bank and IMF truly serving the best interests of the Global South, or is it time for a shift in approach?
BRICS nations have questioned the effectiveness of the World Bank and IMF. These countries have often expressed dissatisfaction with the traditional financial institutions, criticizing them for perpetuating Western dominance and imposing stringent conditions that may not always align with local needs and priorities. The structural adjustment programs advocated by the IMF, for example, have sometimes resulted in social and economic disruptions in developing countries.
BRICS nations have been at the forefront of advocating for a reformed global financial system that better represents the interests of the Global South. The creation of the New Development Bank (NDB) by BRICS is a significant step towards this goal. The NDB aims to support infrastructure and sustainable development projects in BRICS and other emerging economies, offering a more balanced approach that respects the sovereignty and specific development needs of member countries.
In this video, we explore the criticisms leveled against these financial institutions, highlighting their historical control by Western powers and the contentious programs that have influenced economies with varied outcomes. We examine the founding of the IMF and World Bank, their effects on global development, and the reasons why countries, particularly those in the BRICS and the broader Global South, are turning to alternatives such as the New Development Bank to promote more equitable and sustainable growth.
Credit to : Fastepo