Are BRICS Trying to ‘Shield’ Their Corrupt Public Institutions with the New Development Bank?

Leaders of the BRICS nations, from left, Russia's President Vladimir Putin, India's Prime Minister Narendra Modi, Brazil's President Dilma Rousseff, China's President Xi Jinping and South Africa's President Jacob Zuma, pose for a group photo during the BRICS summit in Fortaleza, Brazil, Tuesday, July 15, 2014. The leaders of the BRICS nations are expected to officially create a bailout and development fund worth $100 billion. It's meant to be an alternative to the World Bank and the International Monetary Fund, which are seen as being dominated by the U.S. and Europe. (AP Photo/Silvia Izquierdo)
Leaders of the BRICS nations, from left, Russia's President Vladimir Putin, India's Prime Minister Narendra Modi, Brazil's President Dilma Rousseff, China's President Xi Jinping and South Africa's President Jacob Zuma, pose for a group photo during the BRICS summit in Fortaleza, Brazil, Tuesday, July 15, 2014. The leaders of the BRICS nations are expected to officially create a bailout and development fund worth $100 billion. It's meant to be an alternative to the World Bank and the International Monetary Fund, which are seen as being dominated by the U.S. and Europe. (AP Photo/Silvia Izquierdo)
Leaders of the BRICS nations, from left, Russia’s President Vladimir Putin, India’s Prime Minister Narendra Modi, Brazil’s President Dilma Rousseff, China’s President Xi Jinping and South Africa’s President Jacob Zuma, pose for a group photo during the BRICS summit in Fortaleza, Brazil, Tuesday, July 15, 2014. (AP Photo/Silvia Izquierdo)

(DNA India) – The idea of the BRICS Bank was to end the subordination to the Western institutions and economic thought that was being propagated by the likes of the World Bank and the International Monetary Fund (IMF).

The liberalisation policy was pushed down the throats of developing and poor countries, in the name of the ‘only solution for weeding out corruption and to achieve high growth’, have already taken its toll on numerous countries in Africa. The responses of the World Bank in helping East Asian countries through the financial crisis of the 90s, or even Latin American countries and Mexico in tiding over their economic crises blew the lid off the West’s agenda to force these countries to liberalise their economies – a single panacea without diagnosing the different ailments.

When this liberalisation policy didn’t win the war against corruption and growth rates continued to slump, the Bank changed its stance. With that came a marked shift in its fight against corruption and it introduced its ‘good governance’ agenda.

READ MORE

ADVERTISEMENT

%d bloggers like this: