BRICS "starts construction" of new world order, Russia calls for finding alternative solutions to IMF and WB

The BRICS bloc of leading emerging economies is accelerating the establishment of a new world order under the leadership of Russia. They are trying to lay the foundation and build the first bricks...

The BRICS and BRICS++ summits will be held in Kazan, Russia on October 22-24. (Source: tvbrics.com)

Update on the BRICS Summit, according to Russian Presidential Assistant Yury Ushakov, invitations to the event in Kazan have been sent to 38 countries, so far at least 32 countries have agreed to participate, of which 24 countries have confirmed their attendance at the highest level.

Russia, in its role as current BRICS Chair, called on member countries to develop alternatives to the International Monetary Fund (IMF) and the World Bank (WB) to counter political pressure from Western countries.

According to a report from Reuters , Russian Finance Minister Anton Siluanov recently met with top BRICS finance and central bank officials in Moscow, highlighting the problem of the global financial system being controlled by Western countries and stressing that it is time for the bloc - which accounts for 37% of the global economy - to create a new alternative.

“The IMF and the World Bank have not fulfilled their role. They do not work in the interests of the BRICS countries,” Siluanov said.

“It is necessary to form new conditions or even new institutions, similar to the Bretton Woods institutions, but within the framework of our community, within the BRICS framework,” Russian Finance Minister Anton Siluanov raised the issue.

The push to create new institutions comes as Russia’s foreign exchange reserves in dollars and euros have been frozen under Western sanctions. These sanctions have severely hampered Russia’s financial system and cut it off from international capital markets. Moscow has meanwhile experienced delays in international transactions with trading partners, including BRICS members, as banks in those countries also fear punitive action from Western regulators.

Russian President Vladimir Putin has "publicly" called for the creation of a new international framework with BRICS allies.

According to TAAS , Putin told Turkmen President Serdar Berdimuhamedov that Moscow is ready for dialogue on building a new world order and invited Berdimuhamedov to the upcoming summit in Kazan.

Most recently, arriving in the capital Ashgabat on October 11, during a working visit to Turkmenistan and speaking at the International Forum "Connecting Eras and Civilizations - The Foundation of Peace and Development", President Putin emphasized "the need for a new world order, where wealth is redistributed more fairly and the opinions of each country are considered".

He reiterated that Moscow wants to build a new world order with Russia's friends and partners, according to a video released by the Kremlin.

Accordingly, the head of Russia clearly stated, “Moscow supports the broadest possible international discussion of the parameters of interaction in the emerging multipolar world and is ready to discuss the issues of building a new world order with all friends, partners and like-minded people, including in the Commonwealth of Independent States (CIS), the Eurasian Economic Union (EAEU), the Shanghai Cooperation Organization (SCO) and BRICS”.

“In this spirit, we are preparing for the BRICS and BRICS++ Summits, which will be held in Kazan on October 22-24,” President Putin said.

Russian Presidential Aide Yury Ushakov added that the summit invited the current presidents of influential regional organizations in Africa, Latin America, the Middle East and Southeast Asia. “The high level of participation and wide geographical representation at the BRICS Summit in Kazan reflects the importance and role of BRICS on the international stage, highlighting the growing interest of countries pursuing independent and autonomous foreign policies in joining BRICS,” Ushakov added.

“We believe that BRICS is the prototype of multipolarity, a structure that unites the Southern and Eastern hemispheres on the principles of sovereignty and mutual respect. We believe that this is quite logical and natural because what BRICS is doing is gradually building a bridge to a more democratic and equitable world order – brick by brick,” said Yury Ushakov.

According to statistics, the official members of BRICS currently account for more than 30% of the world's land area, 45% of the world's population, more than 40% of total oil production and about a quarter of the world's exports. "According to forecasts, by 2028, the GDP of BRICS member countries in terms of purchasing power parity will account for about 37% of the world's GDP, while the share of the G7 will decrease to 27% and possibly even lower," Mr. Ushakov emphasized.

The Russian presidential aide also said that efforts to expand payments in national currencies among BRICS members continue and they are building a special infrastructure to facilitate this process.

Source: https://baoquocte.vn/brics-khoi-cong-xay-dung-trat-tu-the-gioi-moi-nga-keu-goi-tim-giai-phap-thay-the-imf-va-wb-290008.html