BRICS Bank

Is the Reign of the Dollar Coming to an End?

June 24, 2024 UNAC Editor BRICS, Global South, Global Trade, US Foreign Policy

by Vijay Prashad, printed in TriContinental Institute Newsletter, June 20, 2024 Though the Dollar-Wall Street regime remains significantly powerful, de-dollarisation and possibilities of a shifting global order are being driven by US economic weakness, the aggressive use of illegal sanctions by the US and its Global North allies, and the growing political and economic strength of the Global South through[…]

Argentina Pays IMF With Yuan As Part Of Its Debt Payment

July 5, 2023 UNAC Editor Argentina, Global Economics

from The Countercurrents Collective, July 3, 2023 Argentina made its latest payment on its $44 billion-loan to the International Monetary Fund (IMF) using its stock of Special Drawing Rights (SDRs) and Chinese yuan, according to the Economy Ministry. The SDRs are an asset within the IMF created to supplement countries’ official reserves. According to government spokeswoman Gabriela Cerruti, the payment[…]

The World Bank and the BRICS Bank Have New Leaders and Different Outlooks

April 9, 2023 UNAC Editor BRICS, Capitalism, Economics, International Aid and Debt, Socialism, Socio-Economic Struggles

by Vijay Prashad, produced by Globetrotter, April 7, 2023 In late February 2023, U.S. President Joe Biden announced that the United States had placed the nomination of Ajay Banga to be the next head of the World Bank, established in 1944. There will be no other official candidates for this job since—by convention—the U.S. nominee is automatically selected for the[…]