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BRICS Bank receives strong support from finance ministers
Tuesday March 26, 2013 07:15:18 PM,
IANS
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Related Article |
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Chidambaram to talk on BRICS bank with counterparts
Finance
ministers of Brazil, Russia, India, China and South Africa are
expected to agree on setting up a BRICS bank when they meet here
Tuesday on the margins of the larger Summit among the leaders.
Their recommendation
»
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I |
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Durban:
Finance ministers of Brazil, Russia, India, China and South Africa
have agreed on a BRICS bank on the lines of the World Bank and the
International Monetary Fund (IMF) that will address the
development needs of emerging and poor economies.
"It's done," South Africa's Finance Minister Pravin Gordhan told
reporters here after a meeting with his counterparts from the
other four BRICS countries - Brazil, Russia, India and China.
Finance Minister P. Chidambaram represented India at the meeting.
"We made very good progress," Gordhan said.
Gordhan, however, left the finer details of the proposed
institution to be announced by the BRICS leaders -- where India is
led by Prime Minister Manmohan Singh -- after their two-day summit
concludes Wednesday.
The proposal for a bank, with a collective foreign exchange
reserve and a fund for financing developmental projects, was
mooted to counter the influence of other global institutions like
the World Bank, which are more tuned to pursuing policies set by
the West.
The meeting Tuesday is understood to have accepted the
recommendations of an expert committee set up in this regard.
The five-member bloc collectively accounts for about 40 percent of
the world's population, 30 percent of the world's land mass, 20
percent of the gross domestic product in real terms and 26 percent
of purchasing power.
(Arvind Padmanabhan can be contacted at arvind.p@ians.in)
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Chidambaram to talk on BRICS bank with counterparts
Finance
ministers of Brazil, Russia, India, China and South Africa are
expected to agree on setting up a BRICS bank when they meet here
Tuesday on the margins of the larger Summit among the leaders.
Their recommendation
»
|
|
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