- SAPs precipitated crisis in..
Brazil https://youtu.be/DU3HRmOgZCc?t=61
Indonesia https://youtu.be/DU3HRmOgZCc?t=181
Egypt https://youtu.be/DU3HRmOgZCc?t=267
Morooco https://youtu.be/DU3HRmOgZCc?t=346
Nigeria : https://youtu.be/DU3HRmOgZCc?t=448
Venezuela https://youtu.be/DU3HRmOgZCc?t=579
Pakistan https://youtu.be/DU3HRmOgZCc?t=668
Kenya https://youtu.be/DU3HRmOgZCc?t=748
dissatisfaction? https://youtu.be/DU3HRmOgZCc?t=882 Critique of SAPs
BRICS response https://youtu.be/DU3HRmOgZCc?t=1053 BRICS Decision Topple US and Western Financial System:
BRICS initiatives https://youtu.be/DU3HRmOgZCc?t=1052
the brics Nations have been actively developing Financial mechanisms to provide alternatives to traditional
Western dominated institutions like the International monetary fund this
initiative aims to enhance Financial
Independence and reduce Reliance on the
US dollar in international transactions
established in 2015 the new development
Bank focuses on funding infrastructure
and sustainable development projects
within bricks countries and other
emerging economies with an initial
authorized capital of $100 billion the
NDB seeks to complement existing
financial institutions by offering
financing without the stringent
conditions often associated with the IMF
this approach provides member countries
with more flexibility in pursuing
development
goals the contingent Reserve Arrangement
or CRA was launched in 2015 it's a
framework designed to provide support
through liquidity and precautionary
instruments in response to actual or
potential short-term balance of payments
pressures with a total capital of $100
billion it serves as a financial safety
net for brics members offering an
alternative to the imf's financial
assistance
programs recent
developments in October 2024 during the
16th brics Summit in Kazan Russia member
nations Advanced initiatives to enhance
Financial cooperation and reduce
dependence on Western dominated systems
the bricks Grain Exchange was propos
osed by Russian President Vladimir Putin
to stabilize food prices and bolster
food security among member countries
this platform aims to facilitate direct
trade in agricultural Commodities
minimizing Reliance on existing Global
exchanges that are often influenced by
Western Financial systems while the
proposal receives support experts
anticipate that developing such an
exchange will require extensive
Preparatory work and may take several
years to become operational the
crossborder payment system bricks
leaders in endorsed the creation of a
common crossb payment system to
facilitate trade among member countries
and reduce Reliance on the US dollar
this initiative includes the development
of brics pay a decentralized payment
messaging system designed to enable
transactions in local currencies by
promoting settlements in National
currencies brics aims to enhance
Financial sovereignty and create a more
balanced international monetary
system