World Bank's President to be Handed to BRICS: No More Western Privilege?

The shift of control over the World Bank (WB) and the International Monetary Fund (IMF) from Western nations to BRICS is seen as inevitable by Roman Marshavin, Executive Director of the World Bank representing Russia. This perspective is grounded in the growing economic and political influence of BRICS nations, especially as they expand to include more countries and form the BRICS+ group.

BRICS+ nations now account for around 40% of crude oil production and exports, one-quarter of global GDP, two-fifths of global trade in goods, and nearly half of the world’s population. With applications from 12 more nations, including Thailand, Vietnam, and Bangladesh, the group's potential influence is significant. This expansion offers emerging markets a platform to align on global economic issues, potentially challenging the dominance of Western-led institutions like the WB and IMF.

The Global South has long voiced complaints about the World Bank's policies and practices, arguing that they disproportionately favor wealthier nations and neglect the needs of developing countries. Critics point out that the World Bank's decision-making process is dominated by Western powers, particularly the United States, which holds significant influence over its operations. This power imbalance often results in policies and loan conditions that prioritize economic reforms benefiting Western interests over the developmental needs of poorer nations. Furthermore, stringent loan conditions imposed by the World Bank, such as austerity measures and structural adjustments, have been criticized for exacerbating poverty and inequality rather than alleviating them. The Global South also contends that the World Bank's approach lacks cultural sensitivity and fails to consider the unique social, economic, and political contexts of recipient countries. These grievances have led to calls for a more inclusive and equitable governance structure within the World Bank, one that better represents the interests and voices of developing nations.

In this video, we explore the possibility of World Bank leadership being transferred to BRICS nations and whether this change could address the dissatisfaction of BRICS countries and the Global South. Share your thoughts on this topic in the comments below.

[AnilNagubadi]

BRICS should avoid trying to reform IMF, World Bank, and WTO and instead form their own versions like the New Development Bank. They should also create their own currency and SWIFT alternative to exchange. Last point cannot be underestimated.

[patasalada]

Music to the GLOBAL majority's ears ! And about high time ! Braovo BRICS, ! GO BRICS GO!

[DrismailMr]

That's GREAT - All The Best to BRICS.

[qbgubklBiafra]

BRICS is the way forward to a better world 🌎

[choykong]

Its time to end the bullying, hypocrisy, corruption and abuse of power ..!!

[davidlim]

World Bank must have EQUAL REPRESENTATIVES. OTHERWISE, withdraw & concentrate on BRICS BANKS. Stop wasting time with US & West dominated WB.

[TazRich]

WHEN THE GREENBACK HITS THE WALL....CAUSE IT DOESN'T WANT TO AND EVERYONE IS TIRED OF ONE RULER

[sktan]

World Bank needs a structural reforms on representations as well as the voting rights. The chairperson should be appointed on merits and not restricted to only US citizens. US holds 16% of voting rights but loan approvals requires min 85% approval. This gives US, a minority stakeholder, to have 100% control of operation.

[jgwizo]

One of the traps non democratic or low income countries are hurdles of technology rights have been used to disadvantage like medicines, vehicle technology, weaponry and the list does not end. A Traveller to Pacific islands should note how western corporations have replaced colonialism.

[arlindosemedo]

*Hummm !...
----> US Dedollarisation is underway. The US Dollar is collapsing & with it the USA too, irreversibly, definitively !...

[reginaldlagrone]

My advice to BRICS is to stay away from the IMF and World Bank leave these people to their own failures. BRICS can establish it's own financial institutions.

[arttorres-xq]

Looks like the beginning of financial rights for all countries.

[rabbeighrajabramadhan]

Farewell World Bank and IMF and Welcome Home BRICKS

[ronlumsden]

No, tell em what they can do with their bank!

[SURmatanazi]

🐦‍🔥BRICS+🎖️Multipolar World Order!🌅🧑‍🌾⚒️🌍🌏🌎🚩🌞

[petercabauatan]

If BRICS takes over WB presidency, WB should transfer headquarters to either, Shanghai, Dubai or Moscow.

[Brazier-Sin]

DEPRESSION TIME! The rich call it cleaning out the arteries…
Evil will always find a way…. . .
.. .
.. . ….

[joshkhor]

No, just appointing a BRICS president of The World Bank alone hopefully would not be just an eyewash in the public world. This will not appease the many unhappy poor or developing nations who find the loans terms and conditions too stringent and unfavourable. A shakeup of The World Bank to cater for all under equitable and fair conditions.

[acerrome]

NO, the BRICS + Nations Have Their Own Bank which is called N. D. B. Or New World Development Bank.

[myronbuchmeier]

not sure i personally am ready for that, they are talking about digital dollars and stuff.Im not talking down on anyone but digital dollar will absorb you.Remember this when it happens, try to fight it