Alternate bank to the IMF being set up
Apr 14, 2014
The BRICS nations (Brazil, Russia, India, China, South Africa) are already moving to set up their own Development Bank as an alternative to the IMF. They are tired of the US government using the International Monetary Fund as a fund to prop up (manipulate) Western currencies and the SWIFT wire transfer system as a weapon. This is a direct consequence of America's policy of using economic sanctions as a weapon of war.
The BRICS countries (Brazil, Russia, India, China and South Africa) have made significant progress in setting up structures that would serve as an alternative to the International Monetary Fund and the World Bank, which are dominated by the U.S. and the EU. A currency reserve pool, as a replacement for the IMF, and a BRICS development bank, as a replacement for the World Bank, will begin operating as soon as in 2015, Russian Ambassador at Large Vadim Lukov has said.
Brazil has already drafted a charter for the BRICS Development Bank, while Russia is drawing up intergovernmental agreements on setting the bank up, he added.