BRICS to create its mini-IMF and its own bank

10.07.2014

Prior to the VI summit of BRICS at the presidential level, which will be held on the 15-1-6 of July in the Brazilian resort city Fortalez, Anton Siluanov, Russian Minister of Finance, spoke about expectations from the meeting.

The conclusion of the framework agreement on reserve currencies pool between Brasil, Russia, India, China and SAR is expected to happen.

“We agreed that in nowadays situation of capital volatility it is important for our countries to have such a reserve in form of mini-IMF”, - commented Siluanov.

The creation of new bank for BRICS countries is also planned at the summit. The project of new bank was proposed two years ago in SAR, but at that time there were differences between countries on the capital amount, but the compromise was reached this year.

“There is no questions about capital, three positions are agreed upon: the allowed capital – 100 billions USD, shared capital (between countries) – 50 billions USD, paid capital (the countries shall paid in 7 years) – 10 billions USD”, - said Minister.

Source: http://www.minfin.ru/ru/press/speech/index.php?id_4=22228

Expert’s opinion

In response to USA and EU attacks Russia creates mini-IMF together with Brazil, India, china and SAR in the framework of BRICS. And these dynamically developing countries have a lot to offer to the world. The bank and the fund is a good reserve platform, that can successfully develop and be a competition to the developed countries in nowadays international situation.

Alexandra Mihno ( Lawyer, Honest&Bright)