TOKYO, March 3. /TASS/. Pakistan will invest $582 mln to buy 1.1% of shares in the BRICS New Development Bank (NDB) in order to increase independence from the World Bank and the International Monetary Fund (IMF), Nikkei Asia reported.
According to the report, Pakistan's main motivation for joining the NDB is to reduce its dependence on the Bretton Woods economic system, although Pakistan is dependent on that system.
On September 25, 2024, the Executive Board of the International Monetary Fund approved a 37-month, $7 bln financial assistance package for Pakistan. The first tranche under the designated lending program was $1.1 bln.
The $100 bln Shanghai-based NDB was established in 2014 by the BRICS countries - Brazil, Russia, India, China, and South Africa. The purpose of the bank is to finance infrastructure and sustainable development projects in BRICS and developing countries.