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Shift of control over WB, IMF to BRICS only matter of time — World Bank executive director

"Therefore, we need to patiently work on bringing this moment closer and not give in to the provocations of those who cling to the outdated global system," Roman Marshavin noted

WASHINGTON, July 22. /TASS/. The shift of control over the World Bank (WB) and the International Monetary Fund (IMF) from the West to BRICS nations is only a matter of time, Executive Director of the World Bank representing Russia Roman Marshavin told TASS in an interview on the occasion of the 80th anniversary of the Bretton Woods Conference.

"As in any other corporation, the 'shots are called' by those who own a controlling stake. So far, Western countries hold control over the Bretton Woods institutions, but the transition of control over to the global majority countries led by BRICS is only a matter of time due to macroeconomic, demographic and other trends," said the head of the Russian directorate.

"Therefore, we need to patiently work on bringing this moment closer and not give in to the provocations of those who cling to the outdated global system," Marshavin added.

"I believe that in the case of passive participation in the bank, it is hardly possible to make any use of being part of it, but by continuing the line of more active cooperation with partners from friendly countries, greater changes may be achieved. Russia’s voice is important here, and it would be irrational not to use those possibilities, particularly now as we observe a new world order emerging," the expert emphasized.

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BRICS World Bank

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