B.R.I.C.S. Discussion

I'm surprised that there wasn't any such thread here so i am posting one for the discussion on the B.R.I.C.S nations and organization since they will play a major role  in international politics.

Brics’ summit banking on development

The Brics (Brazil, Russia, India, China and South Africa business communities) development bank, which is likely to be launched at the Brics summit in Durban next month will probably only invest about 10 percent to 15 percent of its capital in Africa and be based in Shanghai not in South Africa, experts believe.

They expect President Jacob Zuma and other Brics leaders – Chinese President Xi Jinping, Indian Prime Minister Manohan Singh, Brazilian President Dilma Rousseff and Russian President Vladimir Putin – to give the bank a formal “paper launch” at the summit. But it will take months, or years, before the bank gives out its first loan.

Many important decisions about the bank may be deferred, including how much capital each of the Brics governments should initially invest.

There is a proposal that they should each put in $10 billion (R89bn), but South Africa is apparently balking at that, saying it is too much for South Africa, by the far the smallest economy in the Brics. Its wants the five Brics government to contribute proportionally to the sizes of their economies.

Brics finance ministers finalised a proposal for a Brics bank last week and would present it at the summit.

Jeremey Stevens, an analyst at Standard Bank and based in China, said he believed the leaders would formally launch the bank at the Durban summit but he did not provide much detail. He was speaking at a seminar in Johannesburg organised by the SA Institute of International Affairs.

He said it was important for the Brics leaders to establish the bank now to provide some “institutional underpinning”, and to give the Brics substance and credibility as more than just an investment concept.

The four original Bric countries have held four annual summits, promoting an agenda of trying to correct what its members regard as an imbalance in global political and economic power that favours the developed world.

South Africa joined in late 2010 and will be hosting its first summit of the bloc in Durban. It has introduced the innovation of inviting the heads of the AU and the continent’s sub-regional organisations to the summit to participate in an “outreach” retreat with the five Brics leaders to discuss African issues.

Local leaders have said they would like the proposed Brics development bank to be based in South Africa and to channel significant sums of Brics capital into African infrastructure development, in particular. But Stevens said he believed it was more likely the bank would be based in Shanghai.

Hannah Edinger of Frontier Advisory estimated that no more than 10 percent to 15 percent of the bank’s capital would go to financing African projects, at least at the start. Most of the money would probably go into projects in the Brics countries themselves.

She noted that some of the Brics countries – especially India – had their own large infrastructure deficits, and so there was no consensus among them about where the bank money should be spent.

Simon Freemantle of Standard Bank said that for South Africa to try to push the Africa agenda too soon could overburden the bank.

Stevens expected the bank to start off with easier projects within the Brics countries.

It was likely to be an “agile” bank, unencumbered by the institutional and administrative bottlenecks that slowed down the execution of World Bank projects. He also expected it to focus on projects that offered comparative advantage, such as infrastructure construction and feasibility studies.

Gustavo Senechal of the Brazilian embassy said it was important for the new bank not to duplicate the work of existing development banks such as the World Bank. One way it would probably do this would be to avoid the many conditions which the World Bank, International Monetary Fund and others, attached to their financing and instead to give greater ownership to the countries where the projects took place.

Edinger saw the Brics bank supplementing, not displacing, existing development banks. It could justify itself by financing anchor projects, especially riskier ones that other banks might avoid.

She said even if the Brics bank did not invest heavily in Africa, it would facilitate the entry of Brics companies into the continent.

Freemantle noted that the Brics were already trading more with Africa than they were among themselves.

He estimated total Brics trade with Africa had reached $340bn in 2012, a more than ten-fold increase over the course of a decade, while intra-Brics trade had been $310bn.

Lynette Chen of the Nepad Business Foundation said the Brics bank should focus on infrastructure projects with regional impact – such as power stations. She noted, however, that although the proposed $50bn initial capitalisation sounded like a lot, it wasn’t so much compared with the estimated $480bn required to finance Africa’s infrastructure backlog over the next 10 years.

The Brics governments have been discussing conducting trade among themselves in their own currencies rather than the US dollar and there has been speculation that the Brics bank might transact in the Chinese yuan.

Stevens said that would help to increase investment flows into the Brics countries by cutting out the dollar transaction costs. But he saw the yuan complementing not replacing the dollar as an international transaction currency.

Link

My opinion is that all the BRICSA countries should contribute the same amount... no matter how painful that might be for South Africa because if they have proportional contributions then the countries with the biggest contributions might feel they have more say proportionally than a country that gives less.

Perhaps South Africa could get a loan...

I do know that Russia is interested in setting up facilities in the southern hemisphere to monitor and assist in the control of the Glonass and other satellites, perhaps they could make a deal where Russia gets a base somewhere useful in South Africa that is rent free and Russia can assist South Africa with the 10 billion as an interest free loan over a very long term so that it is easy to pay.

Also of course they could add in things like assistance with space technology and satellite launches to ensure SA has good communications infrastructure and can work with Russia on projects that both sides will benefit from.

AlfaT8 wrote:I'm surprised that there wasn't any such thread here so i am posting one for the discussion on the B.R.I.C.S nations and organization since they will play a major role in international politics.

Hello, Alfa,
I wanted to post this important subject today, although I've heard this yesterday.
In fact this is one of the greatest news that never occured for 70 years.
All US stategic bow's crisis surouding and against Russia and China,-baltic countries, Poland, Ukraynia, Georgia, Armenia, Azerbaidjan, Middle East countries, Afghanistan, Tadjikistan, Uzbekistan, Myamar, Xingjaing, Taywan, Japan, Korea - was to avoid a new emerging money. What does it mean, it means simply, the death of the dollar, and sterling pound.
Since 1971, the mechanism is thus :
When Algeria, Venezuela want to sell their Oil/gaz, they asked to the client dollar, then the client for example Netherland, ask to Federal reserve -private banks- to print x billions dollar, in exchange, Netherland bring gold.
When Algeria wants buying russian weapons, she asked to federal reserve dollar, against gold.
The great robery is gold against paper-$-, since 1971. I've never seen a such diabolic system.
With this new bank, it will be the end of this robbery, hence, the US economy's collapse.
For that reason US is in dire straits, it is unfornetly not impossible that US wages a desperate war. Else USA could implode, and it is not fiction, because some US states are ready.

http://www.vancouverdesi.com/news/brics-to-surpass-combined-gdp-of-us-western-europe-by-2020-un/520353/

http://www.scmp.com/news/world/article/1191740/combined-gdp-china-india-and-brazil-will-soon-overtake-west


And another piece of Western'propaganda

http://www.guardian.co.uk/news/datablog/2011/jan/07/gdp-projections-china-us-uk-brazil#



We are in this decade at an historic turning point.

Next will be the revange of russian's tongue.

The problem with these predictions is that they are stupid.

If you keep a petri dish at human body temperature, and keep it wet and put a single bacteria in it... every half hour you will double the number of bacteria on that dish. The future growth prediction means that after a few years the dish will weigh half the mass of the earth in bacteria. The reality is that the sample will stop doubling when it reaches the limit of the dish that contains it, or the food supply, or if it simply becomes cold or dry.

The Chinese economy had come along in leaps and bounds compared with the fairly stagnant western economies, but that was only because it was so far behind and had a long way to go (and still does) to fend for itself. When western countries stop investing in cheap labour in China then we will see what they have learned and can achieve.

The same can be said for Russia, things are improving... but I suspect outside the main centres there probably hasn't been a huge amount of change and that is the challenge... get the growth and prosperity to everyone and then you can say you have real progress and things are better.

It is simply stupid to rate yourself by comparing yourself to the US or EU... they are different things and therefore not a useful measuring stick.

GarryB wrote:
The problem with these predictions is that they are stupid.

These are not predictions, but expectations, resulting from serious studies.

The Chinese economy had come along in leaps and bounds compared with the fairly stagnant western economies, but that was only because it was so far behind and had a long way to go (and still does) to fend for itself. When western countries stop investing in cheap labour in China then we will see what they have learned and can achieve.

In fact, the word BRICS was near an insult regarding -Brazil, Russia, China, India, South Africa- regarding these countries. It was invented by Jim O'Neil an ex Goldman Sachs, he regarded these countries as simply economies, not other things. What contemptuous regarding these countries as Russia, India, China several millennia at least. Arrogant powers considers you as simple economy....
Furthermore India, China, Russia, untill the end of XVI centuries were most advanced regarding technology. They had most GDP, and represented more.

Back to our subject, it is obvious that when we say China overpassed in 2012 US's GDP, that does not mean, a better way of life for the poor chinese, however in many areas regarding technology India, China, Russia, Brazil catched up USA, GB -Great Britain-, France.
This is a normal trend, it is not surprise, even more huge mistakes made by US leaders with their losing wars non-end.
However, I agree with you, to see average Indian, russian, chinese having the same level of life as a german, maybe for few decades later.
It means also, there is an indiputable declin regarding the US dominance in the world, and this declin is going to accelerate, even though the US war machine will try to delay it.

nemrod wrote:
Hello, Alfa,
I wanted to post this important subject today, although I've heard this yesterday.
In fact this is one of the greatest news that never occurred for 70 years.
All US strategic bow's crisis surrounding and against Russia and China,-Baltic countries, Poland, Ukrainian, Georgia, Armenia, Azerbaijan, Middle East countries, Afghanistan, Tajikistan, Uzbekistan, Myanmar, Xingjaing, Taiwan, Japan, Korea - was to avoid a new emerging money. What does it mean, it means simply, the death of the dollar, and sterling pound.
Since 1971, the mechanism is thus :
When Algeria, Venezuela want to sell their Oil/gas, they asked to the client dollar, then the client for example Netherlands, ask to Federal reserve -private banks- to print x billions dollar, in exchange, Netherlands bring gold.
When Algeria wants buying Russian weapons, she asked to federal reserve dollar, against gold.
The great robbery is gold against paper-$-, since 1971. I've never seen a such diabolic system.
With this new bank, it will be the end of this robbery, hence, the US economy's collapse.
For that reason US is in dire straits, it is unfortunately not impossible that US wages a desperate war. Else USA could implode, and it is not fiction, because some US states are ready.

I always did find that trading gold for dollar seemed stupid, but the politics of the time i guess.

As for The new BRICS bank, it will definitely serve to bring more financial stability to the majority of poorer nations, i always found the IMF's job was to make sure the rich nations stay rich and poorer nations stay poor, unless they give in to western interest of course.

AlfaT8 wrote:
I always did find that trading gold for dollar seemed stupid, but the politics of the time i guess.

It is named US'Empire. Instead having large, and cumbersome colonies, as british, and french, US has military basis, to protect dictators like Mubarak, Hassan -Morocco-, Marcos -Philippinos-, Chile etc....

AlfaT8 wrote:
.... i always found the IMF's job was to make sure the rich nations stay rich and poorer nations stay poor, unless they give in to western interest of course.

Let's add precisions, rich for rich, Warren Buffet, Maier Amshell Rothschild, Ruppert Murdoch, or Rockefeller are not turner
milling, welder, engineer, teacher, maids, baker, farmer, or butcher -all hated by dominant classes-. This new neo-liberal order is chieftly against all salaried people either in US, european people, russian people, asian people, african, or south american people.

These are not predictions, but expectations, resulting from serious studies.

They are trying to suggest they know how things will be in the future based on current trends and what they know now. Whether based on serious studies or whether a hamster starts eating the left side of a chocolate cake first or the right side, it is still a prediction. Serious study adds more weight to the results, but at the end of the day there is no guarantee it will be right.

At the moment the US and the west dominates the economic system of the world. That system is broken, but they don't want changes as those changes will remove their dominance and therefore their control of that system... it is a bit like a sick perverted version of the "Game of Life" where the Banker can ignore the rules and make up their own rules to maintain their own wealth and position. Of course the other players want a more fair system but they don't have enough control or power to change them.
Two things will change this... either the system collapses on its own and all the players get together to rebuild it in a way that it wont happen again, or a group of dominant players become wealthy enough to set up their own rival banking system that doesn't screw the customer... the original banker will have to change or lose all its customers.

Obviously in either scenario the banker will fight tooth and nail to prevent change, because they have control and they wont give that up even for a system where they might be successful at too.

BRICS countries have reached an agreement to build an cable that will connect themselves and partner nations (about 10 of them) from the Non-Aligned Movement

so they (unlike Europeans) will be independent from US sniffing. Project will cost 1.5 bin $ and will be paid by all BRICS nations.

Investors mull $1.5 billion undersea cable for BRICS nations




Investors mull $1.5 billion undersea cable for BRICS nations

Laying optical cables of the SA cost

Very important news has been finally set in motion with huge impact on future geopolitics - BRICS bank become reality

-> initial capital = 50 bin $
-> final capital = 100 bin $

+

national currency reserve bank with capital = 100 bin $ (final goal = 240 bin $)




Russia, India and Brasil will provide with 18 bin $ each
China will provide 41 bin $
South Africa will provide 5 bin $

all in in equivalent value of national currency (no dolar or euro money allowed!!!)

BRICS is an important achievement in the economic sphere - the creation of the Development Bank - Vladimir Putin

Russia will allocate funds for the activities of a pool of foreign exchange reserves BRICS. This was announced by Russian President Vladimir Putin, opening a meeting with the leaders of Brazil, China, India and South Africa at the summit of the Group of Twenty.
"At the final stage of implementation - an initiative to create Pula exchange reserves BRICS", - he noted. "Agreed size of its capital - $ 100 billion. Russia will also contribute to its work," - informed the Russian leader said.
"We are confident it will launch additional stabilization of global financial markets," - said Putin.
An important achievement of the BRICS in the economic sphere, he also mentioned the creation of the Development Bank. "Its initial registered capital of 50 billion dollars," - said the president of the Russian Federation.
Russian President Vladimir Putin believes that the summit "twenty" in one of the BRICS - Russia - says the increased prestige of the association. He said this, opening up a conversation with the leaders of Brazil, India, China and South Africa. He said the BRICS states have to proactively contribute to the substantive content of the priorities of the Russian presidency. "To the Summit" twenty "prepared by a solid package of agreements, the most important of them - St. Petersburg Plan of Action" - the Russian leader said. "Its solutions are designed to accelerate global growth and trade, increase employment," - he said.
"We also have to think together one of the most problematic issues of global governance - the reform of the IMF," - Vladimir Putin offered.


BRISC contribution to the world economy
BRICS countries are still an important engine of global economic growth, their role in the global economy and the "Big Twenty" increases. Such an assessment has stated today at a briefing in the G20 summit in St. Petersburg Ambassador-at-Large of the Ministry of Foreign Affairs, Executive Secretary of the Interagency Commission of the Russian Federation to participate in the "Group of Eight", "Group of Twenty" and the BRICS group Vadim Bows.
He stressed that the importance of the BRICS countries to the global economy confirmed by the figures: for example, the average rate of economic growth in the BRICS during 2011-2013 reached 4.11%, while in developed countries this figure is only 1.37%. The role of BRICS in reforming global financial institutions, especially the IMF, in the treasury which these countries in July 2012 contributed $ 75 billion. "BRICS countries have accumulated huge foreign exchange reserves and reform experience - stated Bows. - There is no doubt that they will find a way out of the current difficult conditions and achieve acceleration of its economic growth."
"Sometimes BRICS blamed for this club, pursuing self-interest, - said the representative of the Russian Foreign Ministry. - It's not the position of these states is close to other countries, such as eg Korea or Indonesia, he formed a club around like-minded people." Bows also stressed that "the BRICS countries are aimed at the search for understanding and compromise with the developed countries."


Possible expansion of the Bank BRICS
Translation of negotiations on the creation of the Bank of BRICS at the intergovernmental level delegation sends a good signal to the international banking community, said Vadim Bows. As he noted, "has begun the formation of the original founders of the circle, it is the country's BRICS, in the future, perhaps the accession of other countries and organizations." Will address issues such as the allocation of undistributed capital, the distribution of quotas and shares in the share capital, and later - the question of the headquarters of the Bank.
The decision to create a development bank, whose task will be to provide funds for the development of infrastructure projects was adopted within the BRICS summit in Durban / South Africa / March 26-27. In June BRICS countries have announced a working group, which was to explore the possibility of joint reserve accumulation and the creation of a new development bank to finance infrastructure projects in developing countries.
It is planned that the establishment of a joint bank and the reserve fund managers will also discuss the BRICS summit in St. Petersburg in the fields of "twenty".

LINK

President of Russian VEB bank, Vladimir Dimitriev explained for Kommersant that by eliminating dolar as a transaction currency would safe for domestic banks 4% from each transaction.

LINK

 

Good update, surprised that China has assisted SA with there lack of fund issue.  

Where's the surprise? China's becoming the new world economic superpower.

The new multipolar world is going to be implemented. This cable Internet's project, is a perfect demonstration. This must be the first step of new generation of Internet's architecture. The Tommorow's web will have nothing to see with our web. At first the OSI model is becoming caducousn, mostly because it was designed by DOD. Internet's network was designed by US department of either defense, or security, in worst case, it was agreed.
Obviously, for the Brics countries, this net is a trap, with all softwares as : Oracle, Microsoft Office, Windows, beside hardware's Intel, and AMD, and evidently Internet groups as Google, Amazon, Yahoo. I won't be surprised if Russia, will release its new Linux and new processors familly. This is an obligation.
With this project, it is the end of western domination in Computer science.

Check this out: LINK 

nemrod wrote:The new multipolar world is going to be implemented. This cable Internet's project, is a perfect demonstration. This must be the first step of new generation of Internet's architecture. The Tommorow's web will have nothing to see with our web. At first the OSI model is becoming caducousn, mostly because it was designed by DOD. Internet's network was designed by US department of either defense, or security, in worst case, it was agreed.
Obviously, for the Brics countries, this net is a trap, with all softwares as : Oracle, Microsoft Office, Windows, beside hardware's Intel, and AMD, and evidently Internet groups as Google, Amazon, Yahoo. I won't be surprised if Russia, will release its new Linux and new processors familly. This is an obligation.
With this project, it is the end of western domination in Computer science.

Great news.
I'm looking forward to it.
Though I'm not sure it will change things a lot in the short run, it'll be a breeze of cool air in the (internet) world.
If I get a chance, I'd be sure to use it.  

  

Five reasons why the world needs the BRICS Bank

I was hopping for sooner ...

BRICS bank creation may take 5 years- Russian minister

Speeding up the plans to formulate BRICS bank   

BRICS development bank, currency reserve pool to begin work in 2015

Viktor wrote:Speeding up the plans to formulate BRICS bank   

BRICS development bank, currency reserve pool to begin work in 2015

You're the bearer of good news on this forum Viktor.
+1 for this one.

  

BRICS: Summits

First BRIC summit

Place: Yekaterinburg, Russia

Date: June 16, 2009

Participants: President of Russia Dmitry Medvedev, Brazilian President Luiz Lula da Silva, Indian Prime Minister Manmohan Singh, Chairman of the People's Republic of China Hu Jintao

Significance: The leaders of Brazil, Russia, India and China meet for the first time in history

Main issue: the global financial and economic crisis

Results

· The question of currency was raised. The BRIC countries are substantially dependent on the US dollar and want to be more independent of the US economy. Russia and Brazil most actively discussed the currency issue.

· A decision about a more close cooperation in the area of ministries was reached. Ministries of Foreign Affairs will be the main coordinators of the BRIC’s work.

· A Joint Statement on global food security was adopted. The BRIC countries confirmed their determination to contribute to the overcoming of the global food crisis. The leaders also demanded that developed countries should fulfill their commitment to allot 0.7 % of their gross national income in order to help developing countries.

· All aspects of ensuring food security for all countries were considered. In particular, the possibility of producing and using biofuel for the solution of problems was not excluded.

· The leaders of the countries exchanged views on strengthening cooperation in the energy sphere and in the sphere of increasing energy efficiency.

· The necessity of multilateral diplomacy with the central role of the UNO while dealing with global challenges and threats was confirmed, as well as a comprehensive reform of the UN aimed at increasing its efficiency, so that it could more effectively respond to modern global challenges.

· The parties agreed on the steps aimed at further development of consistent, active, pragmatic, open and transparent dialogue and cooperation between the countries.



Second BRIC summit

Place: Brasilia (Brazil)

Date: 15-16 April 2010.

Participants: President of Russia Dmitry Medvedev, Brazilian President Luiz Lula da Silva, Indian Prime Minister Manmohan Singh, Chairman of the People's Republic of China Hu Jintao

Main issue: overcoming the consequences of the financial crisis

Results:

· The Memorandum - virtually the first document in the BRIC format – was signed, which main goal is creating the infrastructure of financial security for the cooperation of the four countries. New instruments “will help to provide financial and banking services for investment projects, included in the sphere of interests of the parties and also serving the development of the economies of the BRIC countries, in order to study the possibility of creating a unified interbank system”.

· It was proposed to consider the possibility of using national currencies as a more convenient tool for mutual trade payments.

· China's President Hu Jintao and Brazilian President Luiz Lula da Silva signed a number of agreements concerning the development of bilateral partner relations. In particular, these were trade agreements and joint energy projects, including the construction of a Chinese metallurgical works in Brazil.

· The topic of security was also touched upon. A meeting between Secretary of the RF Security Council Nikolai Patrushev and representatives of the BRIC countries, responsible for security matters, took place.



Third BRICS summit

Place: Sanya (China)

Date: April 13-14, 2011.

Participants: the President of Russia Dmitry Medvedev, Brazilian President Luiz Lula da Silva, Indian Prime Minister Manmohan Singh, Chairman of the people's Republic of China Hu Jintao and the President of South Africa Jacob Zuma.

Main issues: strengthening of economic cooperation

Results:

· The leaders of the BRICS countries recognized the necessity of a new international system of reserve currencies. A Declaration was signed, asserting the future reform of the international monetary system.

· A Plan of Actions consisting of 23 points was signed, laying the foundation of the future cooperation. The Plan included the third meeting of representatives of BRICS on security issues in China; the meeting of Ministers of Foreign Affairs during the 66th session of the UN General Assembly; meetings of the Finance Ministers and managing directors of Central Banks in the framework of the "Group of 20" and annual sessions of the World Bank and IMF; and the meeting of the BRICS working group on agriculture in China in September, 2011. It was also decided to hold the Second International Conference on competition under the aegis of BRICS in China, in September 2011, and to explore the possibility of signing an Agreement on cooperation between antimonopoly departments.

· The possibility of holding the first cooperation forum of cities and local administrations of the BRICS countries was considered, as well as the meeting of Health Ministers in China, in 2011.

· According to the Plan of Actions, it was decided to carry out meetings of senior officials for discussion of scientific, technical and innovative cooperation of the BRICS countries, including the creation of a working group on cooperation in the pharmaceutical industry. The establishment of the "BRICS-UNESCO Group" in UNESCO was also possible.

Special attention was paid to the situation in Libya. The leaders of the countries unanimously condemned the military intervention in Libya.

Fourth BRICS summit

Place: New Delhi (India)

Date: March 28-29, 2012.

Participants: President of Russia Dmitry Medvedev, Brazilian President Luiz Lula da Silva, Indian Prime Minister Manmohan Singh, Chairman of the people's Republic of China Hu Jintao, the President of South Africa Jacob Zuma

Main issue: problems of the world economy, development of anti-crisis measures, situation in Syria

Results:

· The "Delhi Declaration" was adopted.

· Two intergovernmental agreements on providing mutual credits in national currencies and the obligation of the priority attendance to the transactions of the banks of the BRICS countries were signed.

· The idea of creating a common Bank of the BRICS countries in order to finance domestic projects was put forward. Another goal of the bank will be its assistance to developing countries, in particular, during economic crises. It is expected that this bank may become an alternative to the World Bank.

· The BRICS Participants advocated the increase of the reserves of the International Monetary Fund, as well as gradual withdrawal of the IMF from under the US control.
Read more: http://voiceofrussia.com/2013_03_19/108359730/

Russian rating agency that was proposed recently might emerge as an BRICS rating agency - independant of US

BRICS look to establish their own rating agency

Just GREAT   

Brazil India and South Africa want Argentina to join the BRICS

Argentina Might Join BRICS – Indian Ambassador

MEXICO CITY, May 13 (RIA Novosti) – Three out of five members of the BRICS group of emerging economies support Argentina’s bid to join the club, the Indian ambassador to Buenos Aires said Monday, according to the Clarin news agency.

According to Amarenda Khatua, Brazil, India and South Africa have backed the initiative, while Russia and China have yet to express their views. Yet joining the club of the emerging economies might require further debate among the BRICS member states due to Argentina’s large territory, the state of its economy and its large external debt.

The Indian Ambassador also noted that after the BRICS summit in Brazil’s Fortaleza scheduled for July 15, the next Prime Minister of India will pay a visit to Buenos Aires.

Chinese President Xi Jinping is also expected to travel to Argentina during a tour of Latin America scheduled for July.

Brazil, Russia, India, China and South Africa are currently working on setting up a BRICS development bank as an alternative to the Western-dominated World Bank and the International Monetary Fund. The idea was proposed by India at a 2012 meeting of the organization’s finance ministers in Mexico.