In a development that undoubtedly speaks to the growing relevance of the alliance, the BRICS bank is set to position itself alongside both the International Monetary Fund (IMF) and the World Bank. Indeed, one BRICS expert foresees a time when the BRICS bank will participate in arenas alongside these at G20 meetings.
The BRICS economic alliance had certainly emboldened its New Development Bank by inviting six new countries to the alliance. Specifically, the presence of Saudi Arabia, the United Arab Emirates (UAE), Argentina, Egypt, Ethiopia, and Iran will propel the international relevance of the grouping amid the global economic landscape.
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BRICS Bank Could Soon Participate Alongside IMF and World Bank?
For much of this year, the BRICS economic bloc has seen immense growth. Moreover, it has thoroughly embraced its pathway toward a multipolar world. Subsequently, they have championed their anti-Western positioning to bring greater balance to the global economic landscape. Now, that quest for balance could be fulfilled through greater inclusion of the global south collective.
A BRICS expert has predicted that the BRICS bank is positioning itself alongside both the IMF and the World Bank. Specifically, Yaroslav Lissovolik, founder of BRICS+ Analytics, noted that cooperation could occur amid the greater G20 meetings. Therefore, he predicts it could co-exist alongside the Western-led institutions for greater economic inclusion on the global stage.
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“The NDB and IMF will soon participate together at the G20 summits and meetings dedicated to global financial stability,” Lissovolik stated. “And the same will happen in reverse, at the BRICS meetings and summits.”
The prediction is quite interesting, but not entirely unfounded. Earlier this year, France tried desperately to take part in the BRICS 2023 summit. However, the bloc found it inappropriate for the country to be included. Subsequently, such participation could provide a basis for partnership in the grand global scheme. Yet, it does appear as though both the global south and greater Western regions are not quick to create those participatory avenues.