US bid for WB chief faces opposition

The five-nation BRICS on Thursday just stopped short of opposing the US nominee Jim Yong Kim’s bid for the World Bank’s presidency but welcomed the candidatures from developing countries for the top job.

The BRICS nations – Brazil, Russia, India, China and South Africa – not only called for a more representative international financial architecture with greater role and say for developing countries, but also stressed on expediting the quota and governance reforms in the International Monetary Fund. The five emerging economies demanded that the World Bank and the IMF should promote “equal partnerships with all countries” and “overcome the outdated donor-recipient dichotomy.”

Addressing media persons along with his counterparts after the summit, Singh said: “A suggestion has been made to set up a BRICS Development Bank. We have directed our Finance Ministers to examine the proposal and report back at the next Summit.”