BRICS Leave IMF and WTO: What are the alternatives?

At the upcoming BRICS summit in Kazan, one of the key topics on the agenda is the reform of international financial institutions, specifically the International Monetary Fund (IMF) and the World Trade Organization (WTO). Russian Foreign Minister Sergey Lavrov has emphasized the importance of addressing these issues to enhance the global economic governance system and make it more inclusive and representative of emerging economies.

The BRICS nations, which include Brazil, Russia, India, China, and South Africa, are pushing for reforms that will better reflect the economic realities of the 21st century. They argue that the current structures of the IMF and WTO disproportionately favor developed countries and do not adequately represent the interests of the Global South. This includes calls for revising the IMF's quota system to give more weight to developing nations and for restoring the full functionality of the WTO's dispute settlement mechanism.

In this video, we explore the reasons behind the dissatisfaction with the IMF and WTO by examining cases where their policies have caused significant issues for borrowing countries. We also discuss the solutions proposed by the Global South to address these challenges.

[qbgubklBiafra]

BRICS is the way forward to a better world 🌎 🙌

[livondiramerian]

Developing countries should depend on themselves to develop their economies.

[joshkhor]

It's high-time for the global south to have an alternative and choice for fairness and unbiased treatment.

[bemkeme]

It's high time that the world knows how IMF and WTO are and how they function.

[Jeffery]

Huge congratulations to BRICS, best wishes ahead ❤❤❤

[florencelanlenou]

Congratulations to the BRICS. Thanks be to God.

[shauny]

There's an old saying, "the borrower is a slave to the lender".

[mrmoyo]

I hope this will be real.Leaving IMF, WTO and World Bank will be very good for equality in development which the west doesn't want. Above all, l wish BRICS left the UN to form own structures that will spur development.

[michaeljango]

Proud to be ERITREA 🇪🇷 in Eritrea 🇪🇷 instate to bow our head to IMF or WORLD bank we die hungry we the only country never accept western aid we build a lot of dames people they can farm and help themselves forging aid is not solution foreign aid comes with a lot of pressure you have to follow their rules that’s called Rule base order we are against it

[SSTan-czeo]

The West and Us which are so proud of their so call democracy of 1 person 1 vote.But when it come to IMF, WTO, etc, its a totally different rules where their votes doesn't equal to other developing countries' vote.

[johnlay]

The debt trap from IMF is well known all over the world. That's one of the reasons why the US propagandazing the Chinese debts, which give better deals, as traps. Now, the new BRICS bank, backed mainly by China, will eclipse the IMF and World Bank.
The problem with the US is, it is too rigid. It can't adapt quickly to the change of the business politics. From its zero-sum strategy to financial proposals. They seem to be frozen in time of colonial past.

[stacycastro]

Thank you for bringing up this video. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject...Thanks to Joyce Wooldrigde, the lady you recommended me

[shomadea]

IMF & World bank impose terms and conditions to make sure the borrowers will never be able to repay the loans such as:
1) Implementation of austerity measures
2) Devaluation of national currency
3) Privatisation of state/public assests to foreign investors/creditors.
4) Liberalisation of trade for free flow of foreign products into the debtors countries.
5) Removal of subsidies from any viable/production venture like agriculture, manufacturing and state welfare programs to support the poor and needy in the country.

[wumao]

Guess now I know why Dr. M of Malaysia refused to borrow from IMF but rather borrow from Arab countries.

[danielobryant]

Read the fine print and don't try to change the terms afterward. Politicians sign away their countries for personal gain.

[tswong]

Congratulations to BRICS, huge success ahead

🎉🎉🎉🎉🎉

[mythbusterthe]

In other words, IMF and World Banks will soon losed the source of their major funding which are denominated in US dollars i.e. C hina. This will be a major setback for these organisation. Will U State be able to provide these funding in the absence of C Hina by herself.

[realshanedejongh]

Hello im grateful and Thank you for the information BRICS family.
Thank you content creator.
❤✨💪🏽🥳

[joylarson]

Thank you for your insightful commentary.

[murtazasafri]

IMF is structured to cause privatisating to foreign investors, who are really interested in extracting maximum wealth out of a nation and transfer these resources to creditor nations. Trade liberalisation is also another main problem.