The BRICS move to set up their own development bank was a reaction to the West’s doublespeak. In 2012, Lula da Silva bluntly said the global financial crisis “was created by white men with blue eyes”. At the 2013 Durban summit, South Africa’s then finance minister, Pravin Gordhan, remarked that the “roots of the World Bank and the IMF still lie” in the post-1945 equations. The five could not agree on the amount of seed money to start the bank nor on its location. South Africa put in a strong bid based on physical and financial infrastructure strengths, including corporate governance, auditing and accounting.
Posted on: Sun, 03 Aug 2014 11:30:00 +0000
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