The BRICS, World Bank and IMF Quest to Promote Economic Development of Countries

Abstract

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.