‘IMF, WB continue to ignore emerging countries’

Press TV

An economist says the IMF and World Bank use their limited funds to bailout European countries while “there aren’t the funds available to invest in the developed world.”

The leaders of the BRICS nations – Brazil, Russia, China, India and South Africa – have agreed to look more closely into setting up a counter-weight to other multilateral lenders such as the World Bank and the IMF.

The so-called BRICS Bank would fund development projects and infrastructure in the developing world, while experts say traditional lenders have proportioned more funds on Western countries.

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