- BRICS Nations Plan New Bank to Bypass World Bank, IMF (Bloomberg, March 26, 2013):
The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund.
The leaders of the so-called BRICS nations — Brazil, Russia, India, China and South Africa — are set to approve the establishment of a new development bank during an annual summit that began today in the eastern South African city of Durban, officials from all five nations say. They will also discuss pooling foreign-currency reserves to ward off balance of payments or currency crises.
Tags: Brazil, China, Economy, Global News, Government, IMF, India, Politics, Russia, South Africa, World Bank

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