South Africa in the BRICS - A brave new world

The BRICS leaders: President Vladimir Putin (L), Prime Minister Narendra Modi (2L), President Dilma Rousseff, President Xi Jinping (2R), and President Jacob Zuma (R)

Will the BRICS group and its New Development Bank (NDB), founded in 2014, challenge the West-led international order enforced by the financial institutions of the World Bank and the IMF?

Will African countries be looking to Johannesburg, where the NDB African regional office is based, rather than Washington DC for loans and development packages?

Given these developments, how will South Africa’s relationship with the West change as it stands in alliance with other major developing economies, especially Brazil, Russia, India and China?

Led by the United States, the victors of the Second World War created the World Bank and the International Monetary Fund in 1944 to bring order to the international financial system. Over decades, the two institutions have prescribed fiscal policies and shaped government priorities of developing countries from Asia to Africa.

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