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The BRICS, World Bank and IMF Quest to Promote Economic Development of Countries
(Bishop Stuart University, 2023) Mugarura, Norman
The term “BRICS” represents a group of five emerging economies of Brazil, Russia, India China and South Africa, which started in 2009. These economies have caught the attention of literally everyone-- international financial law practitioners, political scientists, countries, international organizations and other stakeholders. The emergency of a unified geopolitical bloc, started to reframe international financial outlook with a new set of new ideas and values. include reforming the global financial and economic architecture, strengthening the principles and standards of international law in many sectors of their economies. The paper highlights prospects and challenges that lie ahead of BRICS countries to fully realize their mandate and to co-exist with the World bank and International Monetary Fund (IMF). The World Bank and IMF have supported economic development of countries since their inception, I however do not see any harm posed by the introduction of more capital from BRICS, it should be received with both hands. There are looming prospects for expansion of BRICS, countries like Argentina, UAE, Mexico, Algeria and Saudi Arabia have indicated their desire to jump on BRICS bandwagon, the current Russian-Ukraine war remains a big challenge, not least that it has threatened to suck in all BRICS members into this war. The paper finds that as global dynamic challenges continue to mutate, nothing should preclude countries from working together to find lasting solutions to their common challenges. Some BRICs Nations are also beleaguered with high levels of corruption in public offices, they will need to seriously address this challenge, if they are to offer a robust development agenda for emerging markets to supplant the Bretton Wood Institutions. This paper was written, guided by three specific objectives: (i) Examine the rationale for launching the BRICS development initiatives and potential conflict with the World Bank and IMF. (ii) Discuss the mandate of the World Bank and IMF in fostering economic development especially developing countries. (iii) Explore potential areas of conflict between the Bretton Wood Institutions and BRICS to co-exist in their varied development mandates towards member countries. The paper has established that while nothing precludes BRICS offering alternative funding mechanisms to their members, they will need time to fully realize their objectives. Establishment of the BRICS signifies that its high time the World Bank and International Monetary Fund (IMF) have adopted desired reforms, if they are to remain influential today.
The Global Anti-Money Laundering Regulatory Landscape in Less Developed Countries
(Routledge, 2016) Mugarura, Norman
The book has been precisely written to strike a balanced approach to the study of money laundering in the asymmetric global marketplace. It underscores the importance and challenges of harnessing a global anti-money laundering framework, taking into account the dynamics of development in less developed economies. In conceptualizing the need for a global anti-money laundering framework, the book highlights a dichotomy of challenges. First, there are challenges in relation to the dynamics of the market economy such as deregulation, liberalization and conflict of laws. Secondly, there are challenges inherent in the domestic economy such as corruption, general systemic failure and lack of infrastructural capacity. In deconstructing the aforementioned challenges, the book delineates a need to consolidate the existing global anti-money laundering/ combating the financing of terrorism (AML/CFT) framework so that it is capable of delivering the envisaged AML/CFT standards globally. For the global anti money laundering framework to work globally, it should be designed with an ethos which reflects the prevailing global climate in which it operates.
IT’S TIME AFRICAN COUNTRIES UTILIZED THE WTO, DISPUTE SETTLEMENT UNDERSTANDING MORE TO LEVERAGE THEIR INTERNATIONAL TRADE INTERESTS
(Bishop Stuart University, 2023) Mugarura, Norman; Haawa, Ruhweza
The paper deconstructs the law relating to WTO, Dispute Settlement Mechanisms (DSMs) to establish why African Countries have failed to harness it to leverage their international trade Interests. There is compelling evidence to affirm that many African Countries are marginalized in international trade because many odds including failure to harness the WTO Dispute Settlement are stacked against them. The ability of African Countries in international trade has been saddled by many factors that characterize Less Developed Countries. The Uruguay Round (1986-94) introduced many changes such as the reduced timelines (from when disputes are initiated to when they are disposed of), admission of third parties to represent poor Countries which may be deficient in requisite capacity to handle the complexity of the World trade disputes mechanisms. This paper posits that the marginalization of African Countries in the World trade system is partly caused by inherent factors that saddle them as Less Developed Economies. We adopted hybrid doctrinal and qualitative methodological approaches by way of reviewing WTO relevant Agreements, existing literature and evaluating evidence in the context of objectives for writing the paper. The findings corroborate that African Countries have been sidelined in international trade system because they have not utilized the Dispute Settlement Understanding Agreement to leverage their international trade interest well.
Where is the line between mabaati,corruption and money Laundering
(New vision, 2023-04-26) Mugarura, Norman

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