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BRICS bank should be more efficient and generous than IMF — Brazilian president

"It should help countries, not sink them, which is often done by the IMF," Luiz Inacio Lula da Silva stated

BRAZIL, August 2. /TASS/. The New Development Bank established by the BRICS countries (Brazil, Russia, India, China and South Africa) should pursue a more efficient and generous economic policy than the International Monetary Fund. Brazilian President Luiz Inacio Lula da Silva expressed such an opinion on Wednesday.

"I believe that the BRICS bank should be more efficient and more generous than the IMF when the latter refuses to help. It should help countries, not sink them, which is often done by the IMF," the politician said at a meeting with representatives of foreign media.

The agreement on establishing the BRICS New Development Bank was reached on July 15, 2014 in Brazil’s Fortaleza. The bank’s starting capital was set at $100 bln. The Shanghai-headquartered bank has been set up to finance infrastructure projects and projects for sustainable development of BRICS and other developing countries.

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