By JC Collins
The Russian Foreign Minsiter Sergey Lavrov, speaking at a University in Moscow yesterday, made it very clear that the BRICS institutions, being the New Development Bank (NDB) and Contingent Reserve Arrangement (CRA), hold the primary function of supporting the interests of its five members within the existing international monetary framework.
“It was formed to uphold the interests of these “new countries” in the framework of international financial relations, including the IMF and the World Bank. It’s not some whim but a reflection of objective reality.”
As I’ve long stated, the BRICS will be facilitating, along with the IMF, World Bank, and United Nations, the transformation of the international monetary framework from the existing unipolar model to a more reflective multilateral architecture.