from RT:
An associate professor from the University of Zimbabwe has spoken to RT about currency strategies and the New Development Bank
The BRICS New Development Bank (NDB) provides more flexible and supportive terms than the International Monetary Fund (IMF), an associate professor at the University of Zimbabwe has told RT in an exclusive interview.
Kudzai Dominic Chiwenga, who is also the founder and chairman of the NPC Zimbabwe-Russia Youth Foundation, said the NDB was designed to provide a “fairer system” for member nations and other developing countries.
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While the IMF was originally established to aid developing countries, many nations, including Zimbabwe, have found themselves trapped in cycles of debt, with high interest rates and unfavorable borrowing conditions, he stated.
The NDB, Chiwenga believes, could provide more equitable financial support and serve as a “breath of fresh air” for countries looking for alternatives to traditional global financial institutions. “It’s an open-door policy that is open to other countries,” he added.
The NDB was founded in 2015 by the BRICS nations – Brazil, Russia, India, China, and South Africa – to mobilize resources for infrastructure and sustainable development projects in the bloc and other emerging markets. As part of its expansion, the bank welcomed Bangladesh, Egypt, the United Arab Emirates, and Uruguay as new members in 2021. In September 2023, Algeria was also granted membership.
