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Second high level review meeting was taken by the Union Health Minister Shri Ghulam Nabi Azad at 9.30 A.M. today i.e. 3rd September, 2010 to discuss t ...
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Brasília – the Prime Minister of India, Manmohan Singh, is preparing to submit, during the 4th Summit of the Brics – block formed by Brazil, Russia, India, China and South Africa – the proposal to create a development bank for the group. The new banking institution must be a kind of alternative to the World Bank and the International Monetary Fund (IMF). The expectation is that by the end of the Summit, the Presidents should sign a statement signaling a willingness to create the institution, but not disclosing further details.

Brazilian negotiators say that several points of the proposal need to be defined and the process should be developed in the long term. For Brazilians, it is necessary to lay down a number of aspects, such as the terms of reference, the structure of the body, how the paid-capital should be formed, in addition to bilateral and multilateral trading practices.

According to the representatives of India, the proposal is to create a mechanism to finance projects exclusively in developing countries. The idea is that the Presidency of the institution should rotate among the five members of the Brics. At the same time, those leaders, who are present in the debates, must reiterate the defense of IMF’s magnification.

India is to suggest the creation of a “Bank of the Brics” during the Summit of Heads of State and the Government


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