BRASILIA, July 16 (Xinhua) -- Brazilian President Dilma Rousseff said Wednesday that the development bank to be set up by the emerging-market bloc of BRICS is not against the International Monetary Fund (IMF).
"We don't have the slightest interest in renouncing" the IMF, Rousseff told reporters here after a meeting with visiting Indian Prime Minister Narendra Modi.
Both Brazil and India are members of the BRICS grouping, which also includes China, Russia and South Africa. At their sixth summit on Tuesday in the Brazilian port city of Fortaleza, the five countries agreed to establish a development bank and a contingent reserve arrangement.
The New Development Bank (NDB), designed as an alternative to the World Bank and the IMF, "is extremely important" for the BRICS countries, as it will profoundly change their financing conditions, Rousseff said.
Meanwhile, the NDB "will always have a different stand" from the IMF concerning developing countries, added the Brazilian president.
However, "the new BRICS bank isn't against" the world lender, she stressed. As far as the IMF is concerned, "we are interested in making it more democratic, making it more representative."
According to the Fortaleza Declaration, the NDB is aimed at mobilizing resources for infrastructure and sustainable development projects in the BRICS countries and other emerging economies.
The bank is to be headquartered in Shanghai, China, and an African regional center of the bank will be established in South Africa concurrently with the headquarters.
BEIJING, July 16 (Xinhua) -- The development bank initiated by BRICS will stimulate global economic recovery and drive up long-term growth, China's Ministry of Finance said on Wednesday.
The new development bank will supplement current regional development banks in infrastructure investment and sustainable development and give a bigger say to BRICS and emerging economies in international economic fairs, the ministry said in a statement on its website. Full story
JOHANNESBURG, July 16 (Xinhua) -- The South African government on Wednesday said they are happy with the proceedings of the 6th BRICS summit, indicating that all the resolutions and declarations taken at the summit where done after deliberations and agreement on equal basis.
The sixth BRICS summit concluded Tuesday in Fortaleza, Brazil with various commentators saying it was a success with resolutions and declarations taken. Full story
FORTALEZA, Brazil, July 15 (Xinhua) -- In Brazil, as leaders of BRICS countries met, Chinese President Xi Jinping has expressed his hope that the bloc can be a stronger grouping for emerging markets, while vowing China's willingness to promote ties with each fellow member.
On Tuesday, Xi attended the sixth BRICS summit held here, together with Brazilian President Dilma Rousseff, Russian President Vladimir Putin, Indian Prime Minister Narendra Modi and South African President Jacob Zuma. Full story