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Tuesday, August 25, 2015

The Truth About BRICS

http://www.foreignpolicyjournal.com/2015/08/21/the-truth-about-brics/

Who is contending that the AIIB or the BRICS’ New Development Bank is in any way competitive with the Bretton Woods institutions (IMF/World Bank)? Certainly not anyone involved with any of these institutions.
In March, IMF chief Christine Lagarde pledged IMF cooperation with the AIIB.
In June, World Bank chief Jim Yong Kim issued a statement congratulating the AIIB on its formation and calling it an “important new partner” for the Washington-led development bank.
In July, NDB [New Development Bank] President K.V. Kamath returned the favor, conceding that the NDB and the IMF/World Bank are complementary institutions, not rivals.

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