BRICS’ New Development Bank proposed as an alternative to the International Monetary Fund
Moscow (ST) – The Roscongress Fund has affirmed that the New Development Bank (NDB) established by the BRICS countries could play the role of an alternative to the International Monetary Fund (IMF) for the BRICS’ countries.
The Roscongress administration stated in a report: “Decolonizing energy trade from the dollar to national currencies is one of the potential options for mutual trade between the BRICS countries. Energy loans can also be used through the NDB, similar to the Special Drawing Rights (SDR) in the IMF.”
According to the report “energy-exporting countries will be able to borrow this money to implement the projects they need, allowing them to increase trade in their national currencies despite trade imbalances, and the NDB can play the role of a platform for providing these energy loans.”
“The multi-currency nature of energy SDR will increase its transfer, and the accession of new countries to the BRICS group in the future will increase the volume of trade within the group. The issue of establishing a unified currency will be formally discussed for the first time in the next forum scheduled for August in South Africa”, the report added.
Najla Khoury