IMF comments on new BRICS fund

|By:, SA News Editor

The IMF praised the formation of the New Development Bank and reserves fund launched by BRICS countries (Brazil, Russia, India, China and South Africa) yesterday, and announced that it would like to work together with the monumental project.

So far the new fund has pooled together $100B in reserves from the five countries with the intention of reshaping the Western-dominated international financial system.

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