The Bangkok Post reports that the BRICS nations’ leaders launched the New Development Bank and Contingent Reserve Arrangement to give emerging markets a more permanent role in international financial institutions.
Brazil, Russian, India, China, and South Africa launched these multilateral financial institutions earlier this month to rival the World Bank and the International Monetary Fund—both of which have only ever had American or European directors.
According to the Bangkok Post, Brazil’s President, Dilma Rousseff, in talking about the IMF’s need for reform, said it “urgently needs to review its distribution of voting power in order to reflect the unquestionable weight of emerging countries.”
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The NDB’s headquarters will be in Shanghai and it will be equally funded by each of the five founding nations. The reserve fund will have $100 billion to start with.
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