Brazil names alternative to IMF and World Bank
Political analyst Zabolotsky: New Development Bank of BRICS will be an alternative to the IMF and the World Bank
Associate Professor of the Federal University of Rio Grande do Sul, expert of the Valdai International Discussion Club, Brazilian political scientist Boris Zabolotsky said that the New Development Bank (NDB) created by the BRICS countries in the future will become an alternative to such organizations as the International Monetary Fund (IMF) and the World Bank, reports TASS.
"The NDB will become an alternative platform to the IMF and the World Bank and will provide financing without the use of the dollar," he said.
The expert said the approach would make the bank much more attractive to developing countries, as they would have more leeway to implement their monetary and fiscal policies.
Earlier, Brazilian President Luiz Inácio Lula da Silva, during his first state visit to China since re-entering office, urged developing countries to abandon the dollar in international trade in favour of their own currencies.