CandleFocus Can BRICS Dethrone World Bank and IMF? Why Cuba Is Betting on Its Growing Dominance
2024-10-20
Author: Content Editor
BRICS, made up of Brazil, Russia, India, China, and South Africa, is being seen as a potential alternative to the World Bank and IMF. Countries like Cuba and Serbia are increasingly drawn to BRICS due to its more favorable financial terms and balanced approach. Cuba has formally requested to join the group, and the Cuban foreign ministry is looking to engage more deeply with the alliance. BRICS has been expanding its influence globally, with Egypt, Iran, the UAE, Saudi Arabia, and Ethiopia joining as full members. Russia is currently chairing the organization and has predicted that BRICS nations will soon dominate the World Bank and IMF. Serbia's Deputy Prime Minister has also praised BRICS as a more attractive option than the European Union.
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