Ross Congress Presents an Alternative to IMF for BRICS Nations

According to the Ross Congressional Fund report, the New Development Bank can play the role of an alternative to the International Monetary Fund for the BRICS countries.

The report “Decolonization of Energy Trade – From Dollars to National Currencies” states: “One of the possible options for mutual trade between the BRICS countries could also be the use of energy credits – similar to special drawing rights (SDRs) in the International Monetary Fund. Energy exporting countries could “borrow this money for the projects they need, which will allow them to increase trade in their national currencies, despite the trade imbalance. The new development bank can play the role of this platform for energy loans.”

The report added: “The multi-currency nature of such special drawing rights of energy will increase its transmission and liquidity, and the accession of new countries to the BRICS group in the future will increase the volume of trade within the group.”

The authors of the report expressed their confidence that the BRICS countries need to develop financing and lending in national currencies.

The report goes on to say: “The issue of creating a single currency will be formally discussed for the first time at the next forum in August 2023 in South Africa.”

The New Development Bank was created by the BRICS member states (Brazil, Russia, India, China and South Africa).

The main purpose of the currency is to finance infrastructure projects and projects aimed at “sustainable development” in the member countries of the Bank, as well as in other developing countries.

Source: News