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BRICS summit decisions may change world economic climate

ALEXANDROVA Lyudmila

The decisions taken at the sixth BRICS summit are an important step on the path of transition from a unipolar to a multi-polar world and from the US diktat in financial sphere

MOSCOW, July 16. /ITAR-TASS/. The decisions taken at the sixth BRICS summit are an important step on the path of transition from a unipolar to a multi-polar world and from the US diktat in financial sphere, Russian expert community believes. BRICS member states are taking measures for further rapprochement, while the decisions taken to create BRICS financial institutions may drastically change the world market landscape in the future.

At the summit the leaders of the BRICS states of Brazil, Russia, India, China and South Africa signed Tuesday the Fortaleza declaration, which assesses current world political and economic situation and reflects common BRICS approaches to topical issues of international co-operation.

Before the summit the BRICS states signed the documents to create the BRICS Pool of Conventional Currency Reserves, worth $100 billion, and to establish the New Development Bank of this assembly.

The BRICS leaders are dissatisfied with progress of the currency and financial system reform in the world. Therefore, the BRICS countries set up their own institutions at the Fortaleza summit in counterbalance to the World Bank and the International Monetary Fund (IMF). The New Development Bank will have $50 billion fixed capital, $100 billion authorized capital and will give credits to the countries, participating in the bank, for priority long-term projects. The Currency Reserve Pool, in which each member state should contribute around $20 billion, “should become some kind of insurance network designed for a joint response to financial challenges,” Russian President Vladimir Putin believes.

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