BRICS Say No to IMF and World Bank: What Next

Are the World Bank and IMF truly serving the best interests of the Global South, or is it time for a shift in approach? BRICS nations have questioned the effectiveness of the World Bank and IMF. These countries have often expressed dissatisfaction with the traditional financial institutions, criticizing them for perpetuating Western dominance and imposing stringent conditions that may not always align with local needs and priorities. The structural adjustment programs advocated by the IMF, for example, have sometimes resulted in social and economic disruptions in developing countries. BRICS nations have been at the forefront of advocating for a reformed global financial system that better represents the interests of the Global South. The creation of the New Development Bank (NDB) by BRICS is a significant step towards this goal. The NDB aims to support infrastructure and sustainable development projects in BRICS and other emerging economies, offering a more balanced approach that respects the s